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Construction Spending Up Year-Over-Year
Private Sector Fuels January Momentum


Private sector residential construction spending expanded nearly six percent, single-family put-in-place gained 2.3 percent, and multifamily is up nine percent, all year-over-year. Nonresidential was up nearly nine percent versus January 2016.

Total construction spending in January, estimated at a seasonally adjusted $1.1 trillion, has climbed 3.1 percent year-over-year, according Census Bureau data.

Compared to December, however, spending fell 0.2 percent, dragged down by weakness in the public sector, which dropped 5.0 percent month-over-month, and also shed 9.0 percent versus January 2016.

In contrast, the private sector moved mostly higher, posting an overall 0.2 percent gain month-over-month, and a healthy 7.3 percent increase versus January 2016. Residential was up 0.5 percent compared to December, and increased 5.9 percent year-over-year; nonresidential was unchanged month-over-month, and was 8.9 percent higher compared to a year ago. Single-family construction was up 1.1 percent versus December, and also gained 2.3 percent year-over-year; multifamily spending expanded 2.2 percent on a monthly basis, and climbed 9.0 percent annually.

A construction spending report for the month of February will be released April 3.

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July 17, 2019, 8:24 pm PDT

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