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January Construction Spending Dips


The U.S. Census Bureau of the Department of Commerce announced that construction spending during January 2013 was estimated at a seasonally adjusted annual rate of $883.3 billion, 2.1 percent (±1.3 percent) below the revised December estimate of $902.6 billion. The January figure is 7.1 percent (±1.8 percent) above the January 2012 estimate of $824.7 billion.

In January, the estimated seasonally adjusted annual rate of public construction spending was $269.0 billion, 1.0 percent (±2.1 percent) below the revised December estimate of $271.7 billion. Educational construction was at a seasonally adjusted annual rate of $63.7 billion, 3.5 percent (±3.5 percent) below the revised December estimate of $66.0 billion. Highway construction was at a seasonally adjusted annual rate of $79.1 billion, 0.9 percent (±5.9 percent) above the revised December estimate of $78.4 billion.

Spending on private construction was at a seasonally adjusted annual rate of $614.2 billion, 2.6 percent (±1.2 percent) below the revised December estimate of $630.9 billion. Residential construction was at a seasonally adjusted annual rate of $304.6 billion in January, nearly the same as (±1.3 percent) the revised December estimate of $304.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $309.7 billion in January, 5.1 percent (±1.2 percent) below the revised December estimate of $326.2 billion.