New residential homes are shown under construction in Carlsbad, California September 19, 2011. (Photo: Reuters)
The U.S. Census Bureau said total construction spending was flat in January (±1.0%) from the revised December estimate of $1,262.7 billion. The January figure is 3.2% (±1.3%) above the January 2017 estimate of $1,223.5 billion.
Spending on private construction was at a seasonally adjusted annual rate of $962.7 billion, 0.5% (± 0.7%) below the revised December estimate of $967.9 billion.
Residential construction was at a seasonally adjusted annual rate of $523.2 billion in January, 0.3% (±1.3%) above the revised December estimate of $521.8 billion. Nonresidential construction was at a seasonally adjusted annual rate of $439.6 billion in January, 1.5% (± 0.7%) below the revised December estimate of $446.2 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $300.1 billion, 1.8% (±1.8%) above the revised December estimate of $294.8 billion. Educational construction was at a seasonally adjusted annual rate of $76.7 billion, 2.1% (±3.8%) above the revised December estimate of $75.2 billion. Highway construction was at a seasonally adjusted annual rate of $92.6 billion, 4.4% (±4.6%) above the revised December estimate of $88.8 billion.
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