Construction Spending Up 1.7 % Month-Over Month and 5.8% Year-Over-Year

The U.S. Census Bureau has announced that total construction spending during January 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,521.5 billion, 1.70 above the revised Decembre estimate of $1,496.5 billion. The January figure is 5.8% above the January 2020 estimate. Spending on private construction was at a seasonally adjusted annual rate of $1,160.0 billion, 1.7% above the revised December estimate of $1,140.9 billion. Residential construction was at a seasonally adjusted annual rate of $713.0 billion in January, 2.5% above the revised December estimate of $695.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $447.0 billion in January, 0.4 % above the revised December estimate of $445.2 billion. In January, the estimated seasonally adjusted annual rate of public construction spending was $361.5 billion, 1.7% above the revised December estimate. Educational construction was at a seasonally adjusted annual rate of $89.9 billion, -0.1 % below the revised December estimate. Highway construction was at a seasonally adjusted annual rate of $107.8 billion, 5.8% above the revised December estimate.