Construction spending during January 2023 was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1% below the revised December estimate of $1,827.5 billion. The January figure is 5.7% above the January 2022 estimate of $1,726.6 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,442.6 billion, virtually unchanged from the revised December estimate of $1,442.0 billion. Residential construction was at a seasonally adjusted annual rate of $847.4 billion in January, 0.6% below the revised December estimate of $852.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $595.2 billion in January, 0.9% above the revised December estimate of $589.9 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $383.1billion, 0.6% below the revised December estimate of $385.5 billion.
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