Construction spending during January 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, 0.2 percent below the slightly upward revised December estimate of $2,105.8 billion. However, the January figure is still 11.7 percent above the January 2023 estimate of $1,882.2 billion; with nearly all of the month vs. month slippage occurring in the public sector.
Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,623.4 billion, 0.1 percent 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 percent 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 percent below the revised December estimate of $723.2 billion.
Public Construction
In January, the estimated seasonally adjusted annual rate of public construction spending was $479.0 billion, 0.9 percent below the revised December estimate of $483.5 billion. Educational construction was at a seasonally adjusted annual rate of $101.5 billion, 0.7 percent below the revised December estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $150.1 billion, 2.1 percent below the revised December estimate of $153.3 billion.
Comments