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Educational construction along with healthcare construction dipped for the month but both are still strongly ahead of last year

Jan. 2017 Value of New Construction Shows Slight Monthly Decline, Up 3.1% YOY

March 17, 2017
Private construction of health-care and educational facilities was also down in January, with -0.2% and -0.5% declines, respectively.
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Construction spending during Jan. 2017 was estimated at a seasonally adjusted annual rate of $1,180.3 billion, -1% below the revised December estimate of $1,192.2 billion, according to the most recent data available from the U.S. Commerce Dept. The January figure is 3.1% above the Jan. 2016 estimate of $1,144.9 billion.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $911.6 billion, 0.2% above the revised December estimate of $909.4 billion. Residential construction was at a seasonally adjusted annual rate of $476.4 billion in January, 0.5% above the revised December estimate of $474 billion. Nonresidential construction was at a seasonally adjusted annual rate of $435.3 billion in January, nearly the same as the revised December estimate of $435.4 billion.

Many of the key construction niches within private nonresidential construction showed declines in January. At $67.9 billion, office construction was down 0.5%. Private construction of health-care and educational facilities was also down in January, with -0.2% and -0.5% declines, respectively. Office, educational and health-care construction all had solid YOY growth numbers with office (+33.9%) and educational construction (+15.7%) leading the way.

Public construction. In January, the estimated seasonally adjusted annual rate of public construction spending was $268.7 billion, 5% below the revised December estimate of $282.8 billion. Educational construction was at a seasonally adjusted annual rate of $69.2 billion, 2.7% below the revised December estimate of $71.1 billion, but showed a 1.8% increase over Jan. 2016.