US Construction Spending Declines Month-Over-Month in January, But Remains Up Year-Over-Year

On Friday, the US Census Bureau reported that total construction spending during January was estimated at a seasonally adjusted annual rate (SAAR) of $2,102.4, 0.2% below the revised December estimate of $2,105.8 billion. The January figure is 11.7% above the January 2023 estimate of $1,882.2 billion.

In January, private construction spending was at a SAAR of $1,623.4 billion, 0.1% above the revised December estimate of $1,622.3 billion. Residential construction was at a SAAR of $900.8 billion, 0.2% above the revised December estimate of $899.1 billion. Nonresidential construction was at a SAAR of $722.6 billion, 0.1% below the revised December estimate of $723.2 billion.

In January, the estimated seasonally adjusted annual rate of public construction spending was $479.0 billion, 0.9% below the revised December estimate of $483.5 billion. Educational construction was at a seasonally adjusted annual rate of $101.5 billion, 0.7% below the revised December estimate of $101.5 billion. Highway construction was at a SAAR of $150.1 billion, 2.1% below the revised December estimate of $153.3 billion.