Updated: 03-Mar-25 10:29 ET
| January Construction Spending |
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| Updated: 03-Mar-25 10:29 ET |
Highlights
- Total construction spending declined 0.2% month-over-month in January (Briefing.com consensus 0.9%) following an unrevised 0.5% increase in December.
- Total private construction was down 0.2% month-over-month while total public construction was up 0.1% month-over-month.
- On a year-over-year basis, total construction spending was up 3.3%.
Key Factors
- Total residential spending declined 0.5% month-over-month while nonresidential spending rose 0.1% month-over-month.
- In private construction, residential spending dipped 0.4%, led by a 0.7% decline in new multifamily construction. New single family construction was up 0.6%. Nonresidential spending was flat, with power spending up 0.6% and commercial spending down 0.4%.
- In public construction, nonresidential spending jumped 0.2% month-over-month, led by a 0.6% increase in highway and street spending.
Big Picture
- The key takeaway from the report is that the weakness in private residential spending was concentrated in multifamily construction.
| Category | JAN | DEC | NOV | OCT | SEP |
| Nominal (Current) Dollars | |||||
| Total Construction | -0.2% | 0.5% | 0.4% | 1.6% | -0.9% |
| Private | -0.2% | 0.7% | 0.5% | 1.9% | -1.7% |
| Residential | -0.4% | 1.3% | 0.3% | 3.4% | -3.4% |
| Nonresidential | 0.0% | 0.1% | 0.7% | 0.0% | 0.4% |
| Public | 0.1% | -0.3% | 0.1% | 0.7% | 1.7% |
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