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Construction Spending Dips Slightly in January

Construction spending dipped a slight 1.1 percent in January to a seasonally adjusted rate of $971.4 billion, according to U.S. Census Bureau. The rate is lower than the estimated $982 spent in December, but 1.8 percent higher than the January 2014 estimate of $954. 6 billion. Both publicly and privately funded construction lowered from February levels.

On a non-seasonally adjusted basis spending in January was estimated at $67.3 billion compared to 76.0 billion in December and 66.5 billion a year earlier.  This was an annual increase of 1.2 percent.

Privately funded construction dropped 0.5 percent from a seasonally adjusted annual rate of $697.6 billion in January from $700.9 billion in December. The monthly total, however, was 0.5 percent above the estimated $694.1 billion of construction put in place in January 2014.

Private Residential Construction was at a seasonally adjusted annual rate of $351.7 billion, up 0.6 percent from December, but 3.4 percent below the estimate in January 2014. Single-family residential construction was up 0.6 percent month-over-month to 204.9 billion and 9.7 percent higher than last year. Multi-family construction rose 1.9 percent from December to $48.8 billion, a nearly 30 percent increase form the January 2014 estimate.

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

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

 

About Author: Samantha Guzman

Samantha Guzman is an award-winning visual journalist and graduate of the University of North Texas Mayborn School of Journalism. She specializes in visual storytelling and has skills in video, audio and photography, in addition to news writing. She has traveled to Mexico and Bosnia as an assistant for multiple multimedia projects and taught news writing, photojournalism, and narrative storytelling in the past.
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