ConDig (01-Mar–23).  Construction spending in the US edged down 0.1% in January to a seasonally adjusted annual rate of $1,825.7 billion after falling 0.7% in December, according to latest figures from the Commerce Department.

Despite the drop, the January figure is 5.7% higher than the January 2022 estimate of $1,726.6 billion.

Spending on private construction was at a seasonally adjusted annual rate of $1,442.6 billion, largely flat with the revised December estimate of $1,442.0 billion. 

But residential construction was at a seasonally adjusted annual rate of $847.4 billion in January, 0.6% below the revised December estimate of $852.1 billion, while nonresidential construction was 0.9% up at a seasonally adjusted annual rate of $595.2 billion.

Public construction spending was $383.1 billion in January, 0.6% down from an estimated seasonally adjusted annual rate of $385.5 billion the month prior.

Educational construction was at a seasonally adjusted annual rate of $84.1 billion, 0.6% down on the revised December estimate of $84.6 billion, while highway construction was 0.9% down at a seasonally adjusted annual rate of $117.3 billion.