Construction spending decreased 1.0% in January to a seasonally adjusted annual level (SAAL) of $1,180.3 billion, according to the Census Bureau. December’s spending estimate was revised to a rate of $1,192.2 billion. January’s figure is 3.1% greater than the January 2016 estimate of $1,144.9 billion.
Private residential construction was $476.4 billion SAAL, 0.5% above December’s rate.
Private nonresidential construction was $435.3 billion, virtually the same as December’s estimate.
Public construction decreased 5.0% to $268.7 billion SAAL, largely due to declines in educational and highway construction projects.
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