January Value of New Construction Flat with December But is Up 9.3% YTY

The U.S. Census Bureau said construction spending during Jan. 2014 was estimated at a seasonally adjusted annual rate of $943.1 billion, 0.1% above the revised December estimate of $941.9 billion. The January figure is 9.3% above the Jan.  2013 estimate of $863.1 billion.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $670.8 billion, 0.5% 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% above the revised December estimate of $356 billion. Nonresidential construction was at a seasonally adjusted annual rate of $310.9 billion in January, 0.2% below the revised December estimate of $311.5 billion. Private communications construction showed the biggest change from December, with a  18.2% increase to $20.6 billion, a 41% increase YTY. Private electric power construction had the biggest decline at -5%, down to $53.5 billion

Public construction. In January, the estimated seasonally adjusted annual rate of public construction spending was $272.3 billion, 0.8% below the revised December estimate of $274.4 billion. Educational construction was at a seasonally adjusted annual rate of $61.6 billion, 1.8% below the revised December estimate of $62.7 billion.

Highway construction was at a seasonally adjusted annual rate of $88.3 billion, 3.7% above the revised December estimate of $85.1 billion. However, public construction on the whole had more declining categories.  Residential (-13.4%); amusement and recreation (-15.9%); and conservation and development (-10.9%) were down the most.