Updated: 01-Mar-24 10:35 ET
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Updated: 01-Mar-24 10:35 ET |
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Highlights
- Total construction spending decreased 0.2% month-over-month in January (Briefing.com consensus 0.3%) following an upwardly revised 1.1% increase (from 0.9%) in December.
- Total private construction was up 0.1% month-over-month while total public construction was down 0.9% month-over-month.
- On a year-over-year basis, total construction spending was up 11.7%.
Key Factors
- Total residential spending increased 0.2% month-over-month while nonresidential spending declined 0.4% month-over-month.
- In private construction, residential spending jumped 0.2%, led by a 0.6% increase in new single-family construction. Nonresidential spending fell 0.1%, led by a 3.3% decline in commercial spending.
- In public construction, nonresidential spending decreased 1.0% month-over-month (and 20.2% year-over-year), paced by a 2.1% decline in highway and street spending.
Big Picture
- The key takeaway from the report is that new single-family construction remains an important prop for overall construction spending.
Category |
JAN |
DEC |
NOV |
OCT |
SEP |
Nominal (Current) Dollars |
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Total Construction |
-0.2% |
1.1% |
1.2% |
2.1% |
0.4% |
Private |
0.1% |
0.8% |
1.1% |
1.6% |
-0.2% |
Residential |
0.2% |
1.4% |
-0.4% |
2.3% |
-0.6% |
Nonresidential |
-0.1% |
0.1% |
3.0% |
0.8% |
0.4% |
Public |
-0.9% |
2.0% |
1.3% |
3.5% |
2.3% |