US Construction Spending Slips 0.2% in January

On Monday, the US Census Bureau reported that total construction spending during January was estimated at a seasonally adjusted annual rate (SAAR) of $2,192.5 billion, 0.2% below the revised December estimate of $2,196.0 billion. The figure is 3.3% above the January 2024 estimate of $2,122.2 billion.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,686.0 billion in January, 0.2% below the revised December estimate of $1,690.1 billion. Residential construction was at a rate of $932.7 billion, 0.4% below the revised December estimate of $936.9 billion. Nonresidential construction was at a rate of $753.3 billion, virtually unchanged from December’s estimate of $753.2 billion.

Public Construction

The estimated seasonally adjusted annual rate of public construction spending was $506.6 billion in January, 0.1% above the revised December estimate of $505.9 billion. Educational construction was at a rate of $109.8 billion, 0.4% below the revised December estimate of $110.3 billion. Highway construction was at a rate of $145.0 billion, 0.6% above the revised December estimate of $144.1 billion.