This story was originally published in Builder.
Construction spending during January 2019 was estimated at a seasonally adjusted annual rate of $1,279.6 billion, 1.3% above the revised December estimate of $1,263.1 billion and 0.3% above the January 2018 estimate of $1,276.3 billion, the Census Bureau reported Wednesday.
Economists were expecting a gain of 0.5%. The data, normally out at the beginning of the month, was delayed by the partial government shutdown in December and January.
Spending on private construction was at a seasonally adjusted annual rate of $966.0 billion, 0.2% above the revised December estimate of $964.2 billion. Residential construction was at a seasonally adjusted annual rate of $511.4 billion in January, 0.3% below the revised December estimate of $512.9 billion. New single family spending was down 0.7% from December and 7.2% below January, 2018.
Nonresidential construction was at a seasonally adjusted annual rate of $454.7 billion in January, 0.8% above the revised December estimate of $451.2 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $313.6 billion, 4.9% above the revised December estimate of $299.0 billion. Educational construction was at a seasonally adjusted annual rate of $77.8 billion, 2.2% above the revised December estimate of $76.1 billion. Highway construction was at a seasonally adjusted annual rate of $99.9 billion, 11.8% above the revised December estimate of $89.3 billion.
This story was originally published in Builder.
