Construction spending during January was estimated at a seasonally adjusted annual rate of $1,521.5 billion, 5.8% above the January 2020 estimate of $1,437.7 billion and 1.7% above the revised December estimate of $1,496.5 billion, according to the U.S. Census Bureau.
Spending on private construction was at a seasonally adjusted annual rate of $1,160.0 billion, 1.7% above the revised December estimate of $1,140.9 billion. Residential construction was at a seasonally adjusted annual rate of $713.0 billion in January, 2.5% above the revised December estimate of $695.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $447 billion in January, 0.4% above the revised December estimate of $445.2 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $361.5 billion, 1.7% above the revised December estimate of $355.5 billion. Educational construction was at a seasonally adjusted annual rate of $89.9 billion, 0.1% below the revised December estimate of $90 billion. Highway construction was at a seasonally adjusted annual rate of $107.8 billion, 5.8% above the revised December estimate of $101.9 billion.
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