Construction Spending Rate Unchanged in January

Construction spending was virtually unchanged at a seasonally adjusted annual level (SAAL) of $1,262.8 billion, in January, according to the Census Bureau. December’s spending estimate was upwardly revised to $1,262.7 billion. January’s figure is 3.2% greater than the January 2017 estimate of $1,223.5 billion.

Total private construction was $962.7 billion SAAL, a 0.5% decrease from the revised December estimate of $967.9 billion. Total private construction is 1.7% higher than the January 2017 figure.

Private residential construction was $523.2 billion SAAL, 0.3% higher than December’s rate. January’s figure was 4.2% greater than its January 2017 estimate.

Private nonresidential construction was $439.6 billion, 1.5% below December’s estimate. January’s rate is 1.1% less than the January 2017 figure.

Public construction increased 1.8% to $300.1 billion SAAL. January’s figure is 8.2% above the January 2017 estimate.

Read the Census release.

About Stephen Newton

Stephen Newton is an economic research associate at ABA.