The US Census Bureau of the Department of Commerce announced Monday that construction spending during January 2014 was estimated at a seasonally adjusted annual rate of $943.1 billion, 0.1 percent (±1.5 percent) above the revised December estimate of $941.9 billion. The January figure is 9.3 percent (±1.8 percent) above the January 2013 estimate of $863.1 billion.
Spending on private construction was at a seasonally adjusted annual rate of $670.8 billion, 0.5 percent (±1.2 percent) above the revised December estimate of $667.5 billion. Residential construction was at a seasonally adjusted annual rate of $359.9 billion in January, 1.1 percent (±1.3 percent) above the revised December estimate of $356.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $310.9 billion in January, 0.2 percent (±1.2 percent) below the revised December estimate of $311.5 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $272.3 billion, 0.8 percent (±2.5 percent) below the revised December estimate of $274.4 billion. Educational construction was at a seasonally adjusted annual rate of $61.6 billion, 1.8 percent (±6.4 percent) below the revised December estimate of $62.7 billion. Highway construction was at a seasonally adjusted annual rate of $88.3 billion, 3.7 percent (±5.3 percent) above the revised December estimate of $85.1 billion.