Value of New Construction Dips in January But Still Up a Healthy 7.1% YTY from 2012

The Department of Commerce reported that construction spending during Jan. 2013 was estimated at a seasonally adjusted annual rate of $883.3 billion, 2.1% below the revised December estimate of $902.6 billion. The January figure is 7.1% above the Jan. 2012 estimate of $824.7 billion.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $614.2 billion, 2.6% below the revised December estimate of $630.9 billion. Residential construction was at a seasonally adjusted annual rate of $304.6 billion in January, nearly the same as the revised December estimate of $304.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $309.7 billion in January, 5.1% below the revised December estimate of $326.2 billion.

Public construction. In January, the estimated seasonally adjusted annual rate of public construction spending was $269.0 billion, 1% below the revised December estimate of $271.7 billion.