Construction spending flat in January
Although overall construction spending didn’t change much between December and January, residential construction rose by 5.3%, to $245.6 billion, in January 2011, according to figures just released by the U.S. Department of Commerce.
Spending on non-residential construction in January hit $244.4 billion, dipping 6.9% below December 2010’s figure. Taken together, spending on private construction was essentially flat -- 1.2% in month-over-month figures.
In January, the rate of public construction spending was almost completely flat: $301.8 billion, a 0.1% change from December 2010.
Comparing January of 2011 with January 2010, total spending on construction was off by 5.7%, counting both private and public projects. Categories that showed gains included transportation, health care, and power and water utilities.