Construction spending rose 1.5 percent in January to $1,140.8 billion (SAAR). December’s spending estimate was revised up to $1,123.5 billion. January’s figure is 10.4 percent above January 2015’s estimate of $1,033.3 billion.
Total private construction rose to $831.4 billion, 0.5 percent above December’s estimate of $827.3 billion.
Private residential construction was at a seasonally adjusted annual rate of $433.2 billion, largely unchanged from the previous month’s rate.
Private nonresidential construction rose 1.0 percent to a seasonally adjusted rate of $398.2 billion, as construction in lodging, manufacturing and power posted gains.
Public construction grew 4.5 percent to $309.4 billion (SAAR), largely due to a 14.7 percent increase in highway and street construction. In contrast, spending on education declined by 1.9 percent for the month.
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