Construction spending during January 2023 was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1 percent below the upwardly revised December estimate of $1,827.5 billion. However, the January “year-over-year” figure is 5.7 percent above the January 2022 estimate of $1,726.6 billion. Private sector spending outperformed the public sector, which was off from its December ’22 levels.
Private Construction
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 percent 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 percent above the revised December estimate of $589.9 billion.
Public Construction
In January, the estimated seasonally adjusted annual rate of public construction spending was $383.1 billion, 0.6 percent below the revised December estimate of $385.5 billion. Educational construction was at a seasonally adjusted annual rate of $84.1 billion, 0.6 percent below the revised December estimate of $84.6 billion. Highway construction was at a seasonally adjusted annual rate of $117.3 billion, 0.9 percent below the revised December estimate of $118.4 billion.
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