The US Census Bureau announced that US construction spending during January 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, 0.2 percent (±0.8 percent) below the revised December estimate of $2,105.8 billion.
The January figure is 11.7 percent (±1.5 percent) above the January 2023 estimate of $1,882.2 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,623.4 billion, 0.1 percent (±0.7 percent) 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 percent (±1.3 percent) 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 percent (±0.7 percent) below the revised December estimate of $723.2 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $479.0 billion, 0.9 percent (±1.5 percent) below the revised December estimate of $483.5 billion.
Educational construction was at a seasonally adjusted annual rate of $101.5 billion, 0.7 percent (±3.1 percent) below the revised December estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $150.1 billion, 2.1 percent (±3.6 percent) below the revised December estimate of $153.3 billion.