Updated: 03-Mar-25 10:29 ET
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Updated: 03-Mar-25 10:29 ET |
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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% |