Construction Spending Tumbles in January

The U.S. Census Bureau of the Department of Commerce recently announced that construction spending during January 2009 was estimated at a seasonally adjusted annual rate of $986.2 billion, 3.3% below the revised December estimate of $1.02 trillion. The January figure is 9.1% below the January 2008 estimate of $1.085 trillion.

Spending on private construction was at a seasonally adjusted annual rate of $682.6 billion, 3.7% below the revised December estimate of $709 billion. Private residential construction was at a seasonally adjusted annual rate of $291.5 billion in January, 2.9% below the revised December estimate of $300.3 billion. Private nonresidential construction was at a seasonally adjusted annual rate of $391 billion in January, 4.3% below the revised December estimate of $408.7 billion.

In January, the estimated seasonally adjusted annual rate of public construction spending was $303.7 billion, 2.3% below the revised December estimate of $311 billion. Educational construction was at a seasonally adjusted annual rate of $85.5 billion, 0.6% above the revised December estimate of $85 billion.

Craig DiLouie

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