Residential Construction Spending Lags Despite Big Gains Overall

Posted To: MND NewsWire

Publicly funded construction accounted for most of the gain in overall construction spending in January. The Census Department said on Tuesday that spending on all construction was at a seasonally adjusted annual rate of $1.14 trillion during the month, an increase of 1.5 percent over December spending. Spending in the public sector rose 4.5 percent driven by a large gain in the highway and street category. Total spending rose 10.4 percent above the January 2015 figure of $1.03 trillion. On an unadjusted basis $77.59 billion in construction spending was put in place during the month, down from unadjusted spending of $86.53 billion in December but 9.5 percent more than was spent in January 2015. Private sector spending was at a seasonally adjusted annual rate of $831.41 billion, a 0.5 percent...(read more)

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