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January Construction Spending
Total U.S. construction spending in January was 3.3% below the revised December rate and 9.1% less than spending overall in January 2008, the U.S. Census Bureau announced yesterday.
The seasonally-adjusted rate in January was $986.2 billion, versus $1,085.4 billion one year ago.
Non-residential construction spending increased 2.1% year-over-year in January, highlighting the steep drop in residential construction, which was off 27.4% versus a year earlier. Most notably in the category, construction spending on manufacturing rose 48.5%, on public safety 21.2% and on water supply 15.2%.
Total public construction spending also increased year-to-year in January by 4.4%.
Total spending broke down as follows:
- Residential: -2.8% vs. December; -27.4% vs. Jan. 2008.
- Non-Residential: -3.5% vs. December; +2.1% vs. Jan. 2008
- Total Private Construction: -3.7% vs. December; -14.1% vs. Jan. 2008
- Total Public Construction: -2.3% vs. December; +4.4% vs. Jan. 2008.
See the Census Bureau news release here.