Construction Spending Eased in January; Most Segments Higher on Annual Basis

Both publicly and privately funded construction dippedrnslightly in January from February levels the Census Bureau said today, althoughrnboth total construction and the publicly funded segment did remain abovernJanuary 2014 levels.  Construction put inrnplace in all categories during the month was at a seasonally adjusted annualrnrate of $971.4 billion, 1.1 percent lower than the estimated $982.0 billionrnspent in December.  The number was 1.8rnpercent higher than the January 2014 estimate of $954.6 billion. </p

On a non-seasonally adjusted basis spending in January wasrnestimated at $67.3 billion compared to 76.0 billion in December and 66.5rnbillion a year earlier.  This was anrnannual increase of 1.2 percent.</p

Privately funded construction was at a seasonally adjustedrnannual rate of 697.6 billion in January compared to $700.9 billion in December,rna drop of 0.5 percent.  The monthlyrntotal, however, was 0.5 percent above the estimated at $694.1 billion ofrnconstruction put in place in January 2014. </p

On a non-adjusted basis $50.1 billion was spent on allrnprivate construction during the month, down from $55.6 billion in December butrnan increase of 0.4 percent from a year earlier.</p

Private residential construction put in place during thernmonth was at a seasonally adjusted annual rate of $351.7 billion, up 0.6rnpercent from December’s pace of $349.5 billion but 3.4 percent below thernestimate in January 2014.  The pace of single-familyrnresidential construction was up 0.6 percent month over month to 204.9 billionrnand 9.7 percent higher than a year earlier. rnMulti-family construction rose 1.9 percent from December to $48.8rnbillion which was nearly 30 percent above the estimate in January 2014.</p

On a non-adjusted basis there was $23.9 billion inrnresidential construction during the month compared to $25.6 billion in Decemberrnand 24.7 billion in January 2014, an annual decrease of 3.4 percent.  Single family construction spending totaled $14.1rnbillion for the month, a 10.3 percent annual increase while multi-familyrnconstruction, at $3.7 billion, was up 28.6 from the previous January.</p

Publicly funded construction totaled $273.8 billion on arnseasonally adjusted annual basis, down 2.6 percent from December but 5.1rnpercent higher than a year earlier. rnResidential construction is estimated at $5.5 billion, down 1.7 percentrnmonth-over-month but 14.5 percent higher than in January 2014.

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