Value of New Construction Shows 1.5% Monthly Increase in January, Up 10.4% YOY

The U.S. Department of Commerce said construction spending during January 2016 was estimated at a seasonally adjusted annual rate of $1,140.8 billion, 1.5% above the revised December estimate of $1,123.5 billion. The January figure is 10.4% above the January 2015 estimate of $1,033.3 billion.

Private construction. Spending on private construction was at a seasonally adjusted annual rate of $831.4 billion, 0.5% above the revised December estimate of $827.3 billion. Residential construction was at a seasonally adjusted annual rate of $433.2 billion in January, nearly the same as the revised December estimate of $433.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $398.2 billion in January, 1.0 percent (±0.8%) above the revised December estimate of $394.2 billion.

Multi-family (+2.6%), lodging (+6.7%),  Electric power (4.6%), and Manufacturing (+4.2%) showed the largest monthly increases in private construction during January. Private construction was up 9.5%   for the month.

Public construction. In January, the estimated seasonally adjusted annual rate of public construction spending was $309.4 billion, 4.5% above the revised December estimate of $296.2 billion. Educational construction was at a seasonally adjusted annual rate of $68.8 billion, 1.9% below the revised December estimate of $70.1 billion.   Commercial (+6.5%), power (+5%) and conservation and development (+7.5%) showed solid increases in public construction. Public construction in January was up  13% year-over-year.