Construction spending during January 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, 0.2% below the revised December estimate of $2,105.8 billion. The January figure is 11.7% above the January 2023 estimate of $1,882.2 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,623.4 billion, 0.1% above the revised December estimate of $1,622.3 billion. Residential construction was at a seasonally adjusted annual rate of $900.8 billion in January, 0.2% above the revised December estimate of $899.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $722.6 billion in January, 0.1% below the revised December estimate of $723.2 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $479.0 billion, 0.9% below the revised December estimate of $483.5 billion.
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