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Construction Spending Nearly Flat

WASHINGTON (UPI) — Construction spending fell 0.1 percent month-to-month in January, the U.S. Census Bureau reported Thursday.

Total construction spending reached $827 billion, down from the revised estimate of $827.6 billion in December, the bureau said.

Spending for January was 7.1 percent above January 2011, when $772 billion was spent on construction projects.

Spending on private construction was at a seasonally adjusted annual rate of $538.7 billion, unchanged from December, the Census Bureau said.

The report said residential construction was at a seasonally adjusted annual rate of $253.6 billion in January, 1.8 percent above the previous month. Non-residential construction was at a seasonally adjusted annual rate of $285 billion in January 1.5 percent below the previous month.

The estimated seasonally adjusted annual rate of public construction spending in December was $288.3 billion, 0.2 percent below the revised December estimate of $289 billion, the Census Bureau said.

Educational construction was at a seasonally adjusted annual rate of $71.6 billion, 0.9 percent below the revised December estimate of $72.2 billion, the bureau said. Highway construction was at a seasonally adjusted annual rate of $83.7 billion, 0.2 percent below the revised December estimate of $83.9 billion.

UPI - United Press International, Inc.

Since 1907, United Press International (UPI) has been a leading provider of critical information to media outlets, businesses, governments and researchers worldwide.

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