Total construction spending during Jan. 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, -0.2% below the revised December estimate of $2,105.8 billion. According to the U.S. Census Bureau, the January figure is +11.7% above the Jan. 2023 estimate of $1,882.2 billion,
Private construction
Spending on private construction was at a seasonally adjusted annual rate of $1,623.4 billion, +0.1% above the revised December estimate of $1,622.3 billion. Residential construction was at a seasonally adjusted annual rate of $900.8 billion in January, +0.2% above the revised December estimate of $899.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $722.6 billion in January, -0.1% below the revised December estimate of $723.2 billion.
Construction in the Computer/Electronic/Electrical category is still roaring and at $125.9 billion for the month is up +51.6% over Jan. 2023.
Private hospital construction is also robust, and at $26.1 billion is tracking +14.1% over Jan. 2023 activity with particular strength in the Medical Buildings category.
Public construction
In January, the estimated seasonally adjusted annual rate of public construction spending was $479 billion, -0.9% below the revised December estimate of $483.5 billion. Educational construction was at a rate of $101.5 billion, -0.7% below the revised December estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $150.1 billion, -2.1% below the revised December estimate of $153.3 billion.