Construction Spending Inched Down 0.1% in January

Washington, DC, March 1, 2023-Construction spending during January 2023 was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1% below the revised December estimate of $1,827.5 billion, according to the U.S. Census Bureau.

The January figure is 5.7% above the January 2022 estimate of $1,726.6 billion.

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% 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% above the revised December estimate of $589.9 billion.

In January, the estimated seasonally adjusted annual rate of public construction spending was $383.1 billion, 0.6% below the revised December estimate of $385.5 billion. Educational construction was at a seasonally adjusted annual rate of $84.1 billion, 0.6% below the revised December estimate of $84.6 billion. Highway construction was at a seasonally adjusted annual rate of $117.3 billion, 0.9% below the revised December estimate of $118.4 billion.