January Construction Spending Rises

WASHINGTON D.C. - Construction spending rose 0.7 percent in January, according to a report released Tuesday by the Commerce Department.

Total construction activity increased to a record high of $1.05 trillion at a seasonally adjusted annual rate and followed an even larger 1.2 percent rise in December.

Spending on private construction was at a seasonally adjusted annual rate of $805.7 billion, 0.6 percent above the revised December estimate of $800.6 billion. Residential construction was at a seasonally adjusted annual rate of $574.5 billion in January, 0.4 percent above the revised December estimate of $572 billion. Nonresidential construction was at a seasonally adjusted annual rate of $231.3 billion in January, 1.2 percent above the revised December estimate of $228.6 billion.

In January, the estimated seasonally adjusted annual rate of public construction spending was $241.6 billion, 0.8 percent above the revised December estimate of $239.7 billion. Educational construction was at a seasonally annual rate of $65.3 billion, 0.8 percent above the revised December estimate of $64.8 billion. Highway construction was at a seasonally adjusted annual rate of $71.8 billion, 4.4 percent above the revised December estimate of $68.8 billion.