U.S. Construction spending dips in January
Highways and residential building are bright spots in otherwise soft month.
The U.S. Census Bureau of the Department of Commerce announced today that construction spending during January 2015 was estimated at a seasonally adjusted annual rate of $971.4 billion, 1.1 percent (±1.2%)* below the revised December estimate of $982.0 billion. The January figure is 1.8 percent (±1.6%) above the January 2014 estimate of $954.6 billion.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $697.6 billion, 0.5 percent (±1.0%)* below the revised December estimate of $700.9 billion.
Residential construction was at a seasonally adjusted annual rate of $351.7 billion in January, 0.6 percent (±1.3%)* above the revised December estimate of $349.5 billion.
Nonresidential construction was at a seasonally adjusted annual rate of $345.9 billion in January, 1.6 percent (±1.0%) below the revised December estimate of $351.5 billion.
PUBLIC CONSTRUCTION
In January, the estimated seasonally adjusted annual rate of public construction spending was $273.8 billion, 2.6 percent (±2.0%) below the revised December estimate of $281.1 billion.
Educational construction was at a seasonally adjusted annual rate of $58.9 billion, 3.4 percent (±4.1%)* below the revised December estimate of $60.9 billion.
Highway construction was at a seasonally adjusted annual rate of $88.3 billion, 0.6 percent (±4.8%)* above the revised December estimate of $87.8 billion.
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