Annually, however, January’s figure was up 11.7%.
Total U.S. construction spending in January was estimated at a seasonally-adjusted rate of $2.102 trillion, down 0.2% from December’s revised figure and up 11.7% year-over-year, according to U.S. Census Bureau data released March 1.
The monthly decrease followed a 0.9% increase in December.
Private Construction
January spending on private construction was at a seasonally-adjusted annual rate of $1.623 trillion — 0.1% above December’s revised figure. Residential construction was at a rate of $901 billion, up 0.2% above the revised December figure, while nonresidential construction’s rate of $723 billion was 0.1% below December.
Public Construction
January spending on public construction was at a seasonally-adjusted annual rate of $479 billion — 0.9% below December’s revised figure. Educational construction was at a rate of $101.5 billion, 0.7% below December, while highway construction’s rate of $150 billion was 2.1% below December.
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The value of 2023 total construction was up 7.0% from 2022.
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November spending was 0.4% above October’s figure, which was revised considerably higher.
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Spending was up 10.7% year-over-year, with nonresidential constuction up 20% from a year earlier.
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Mike Hockett
Mike Hockett is MDM’s executive editor, having joined the publication in March 2022. He oversees MDM’s editorial content and direction, coordinates with contributing authors, conducts interviews with executives in the wholesale distribution space and serves as the editorial face of MDM at industry events. He has extensively covered the distribution and manufacturing sectors since 2014. Hockett works from his home in Madison, WI. He can be contacted at mike@mdm.com.
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