U.S. Construction Rate in January Tops Last Year by 7.1 Percent
$883.3 billion annual rate dips slights month over month.
The U.S. Census Bureau of the Department of Commerce announced that construction spending during January 2013 was estimated at a seasonally adjusted annual rate of $883.3 billion, 2.1 percent (±1.3%) below the revised December estimate of $902.6 billion.
The January figure is 7.1 percent (±1.8%) above the January 2012 estimate of $824.7 billion.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $614.2 billion, 2.6 percent (±1.2%) below the revised December estimate of $630.9 billion.
Residential construction was at a seasonally adjusted annual rate of $304.6 billion in January, nearly the same as (±1.3%)* the revised December estimate of $304.7 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $309.7 billion in January, 5.1 percent (±1.2%) below the revised December estimate of $326.2 billion.
PUBLIC CONSTRUCTION
In January, the estimated seasonally adjusted annual rate of public construction spending was $269.0 billion, 1.0 percent (±2.1%)* below the revised December estimate of $271.7 billion.
Educational construction was at a seasonally adjusted annual rate of $63.7 billion, 3.5 percent (±3.5%)* below the revised December estimate of $66.0 billion.
Highway construction was at a seasonally adjusted annual rate of $79.1 billion, 0.9 percent (±5.9%)* above the revised December estimate of $78.4 billion.
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