Construction spending fell to its lowest level since early last fall, dropping 0.7% to a seasonally adjusted annual rate of $791.8 billion, the Commerce Department reported Tuesday.
The January estimate was 5.9% below the rate of $841 billion for January, 2010. The December estimate was revised upward to $797.6 billion from $787.9 billion. The January figure is 5.9 percent (±1.8%) below the January 2010 estimate of $841.0 billion.
Private construction in January was down 1.2% from December to a seasonally adjusted annual rate of $490.0 billion, 10.5% off the pace of January, 2010. Private residential construction, however, rose 5.3% from December to a seasonally adjusted annual rate of $245.6 billion in January, still 7.7% behind January a year prior.
Nonresidential construction was at a seasonally adjusted annual rate of$244.4 billion in January, 6.9% below the revised December estimate of$262.7 billion and 13.2% behind the same month last year.
The seasonally adjusted pace of public construction spending was estimated at $301.8 billion, 0.1% above the revised December estimate of $301.6 billion.