Spending on construction projects fell 0.3% to a seasonally adjusted annual rate of $1.122 trillion in February as private construction decreased 0.5%, and public construction grew 0.4%, according to Commerce Department figures released yesterday.

The overall decrease, which was smaller than the 1.1% decrease projected by IFR Markets, followed a revised January decrease of 1.0% to a level of $1.125 trillion, originally reported as a 1.7% drop to $1.121 trillion.

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