Construction spending in January was estimated at a seasonally adjusted annual rate of $1,369.2 billion, 1.8% above the revised December estimate of $1,345.5 billion.
The January figure is 6.8% above the January 2019 estimate of $1,282.5 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,022.7 billion, 1.5% above the revised December estimate of $1,007.6 billion. Residential construction was at a seasonally adjusted annual rate of $554.8 billion in January, 2.1% above the revised December estimate of $543.6 billion. The increase in residential construction spending was driven entirely by single-family, which posted a 2.8% gain over December to $298 million, a 9.6% jump over January, 2019.
Nonresidential construction was at a seasonally adjusted annual rate of $468.0 billion in January, 0.8% above the revised December estimate of $464.1 billion.
The estimated seasonally adjusted annual rate of public construction spending was $346.5 billion, 2.6% above the revised December estimate of $337.8 billion. Educational construction was at a seasonally adjusted annual rate of $81.5 billion, 0.7% above the revised December estimate of $80.9 billion. Highway construction was at a seasonally adjusted annual rate of $103.9 billion, 5.4% above the revised December estimate of $98.6 billion.
