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.