The U.S. Census Bureau reports that construction spending during January was estimated at a seasonally adjusted annual rate of $883.3 billion, which is 2.1% below the revised December estimate of $902.6 billion. However, the January figure is 7.1% above the January 2012 estimate of $824.7 billion.
Spending on private construction was at a seasonally adjusted annual rate of $614.2 billion, which is 2.6% 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 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% below the revised December estimate of $326.2 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $269.0 billion, which is 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% below the revised December estimate of $66.0 billion.
