Private Residential Construction Spending Rose in January

The Census Bureau said today thatrnconstruction put in place in January was at a seasonally adjusted annual raternof $943.1 billion, up 0.1 percent from December and 9.3 percent higher than thernrate of $863.1 billion in January 2013. rnOn an unadjusted basis the January figure was $64.7 billion compared torn$59.1 billion the previous year.</p

Total private construction was at a seasonallyrnadjusted rate of $670.8 billion, an increase of 0.5 percent from the revisedrnDecember estimate of $667.5 billion and 12.3 percent above the rate of $597.4rnbillion in January 2013.  The unadjustedrnvalue of private construction in January was $47.49 billion compared to $51.1rnbillion in December and 42.1 billion one year earlier.</p

Privately owned residential constructionrnwas at a rate of $359.9 billion, an increase of 1.1 percent from the $356.0rnbillion pace in December and up 14.6 percent year-over-year from $314.0 billion.  New single family construction was at a raternof $186.0 billion and multifamily construction at $36.3 billion, increases ofrn2.3 percent and 1.0 percent respectively from December when the constructionrntotals were $181.9 billion and $36.0 billion. </p<pOn an annual basis single family construction increased 21.0 percentrnfrom $153.7 billion and multifamily construction was up 28.0 percent from $28.3rnbillion.  On an unadjusted basis private singlernfamily construction in January was estimated at $12.7 billion and multifamilyrnat $2.8 billion compared to $13.3 billion and $2.8 billion in December.</p

Total public construction spending inrnJanuary was at a seasonally adjusted $272.3 billion, 0.8 percent below thernrevised December estimate of $274.4 billion but 2.5 percent higher than totalrnspending in January 2013 estimated at $265.7 billion.  Public spending for residential constructionrnwas down 22.2 percent from a year earlier to $4.5 billion from $5.8 billion andrn13.4 percent below December’s $5.2 billion in residential expenditures.

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