At a seasonally adjusted annual rate of $667.6 billion, new construction starts in February advanced 10 percent compared to the previous month, according to Dodge Data & Analytics.
The value of new construction starts in January grew 2 percent to a seasonally adjusted annual rate of $607.9 billion, according to Dodge Data & Analytics.
In a major victory for the aggregates and construction industries, both chambers of Congress voted to approve, and President Obama signed, The Fixing America's Surface Transportation, or FAST Act. The $305 billion, five-year bill passed the House by a vote of 359 to 65 and the Senate by a vote of 83 to 16. President Obama signed the bill on Dec. 4, 2015.
Read more: Historic Passage of FAST Act to Spur Industry Growth
New construction starts in December advanced 4 percent to a seasonally adjusted annual rate of $591.6 billion, according to Dodge Data & Analytics. The December gain follows a 5 percent decline in November, and brings total construction activity back close to the amount that was reported in October.
The U.S. House of Representatives voted 363-64 to pass a six-year, nearly $325 billion highway and transit bill after a contentious vetting of proposed amendments and an intense debate about federal gas taxes. The measure must now be reconciled with the Senate version of the bill.
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