Construction Spending Declined 0.2% in January

Washington, DC, March 1, 2024-Construction spending during January 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, 0.2% below the revised December estimate of $2,105.8 billion, according to the U.S. Census Bureau. The January figure is 11.7% above the January 2023 estimate of $1,882.2 billion.

Spending on private construction was at a seasonally adjusted annual rate of $1,623.4 billion, 0.1% 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% 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% below the revised December estimate of $723.2 billion.

In January, the estimated seasonally adjusted annual rate of public construction spending was $479.0 billion, 0.9% below the revised December estimate of $483.5 billion. Educational construction was at a seasonally adjusted annual rate of $101.5 billion, 0.7% below the revised December estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $150.1 billion, 2.1% below the revised December estimate of $153.3 billion.