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Tuesday, August 20, 2019
HomeNewsEconomyConstruction Spending More than Quadrupled Consensus Forecast in January

Construction Spending More than Quadrupled Consensus Forecast in January

New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)
New residential construction, hew homes, housing starts, building permits, depicted on blueprints. (Photo: AdobeStock)

Construction spending in January more than quadrupled the consensus at a seasonally adjusted annual rate of $1,279.6, 1.3% higher than December. Total construction spending for January was 0.3% higher than last year’s estimate of $1,276.3 billion.

The consensus forecast was looking for a 0.3% gain for the month, with forecasts ranging from a low of -0.4% to a high of 1.0%.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $966.0 billion, 0.2% higher than the revised December estimate of $964.2 billion.

Residential construction was at a seasonally adjusted annual rate of $511.4 billion in January, which is 0.3% less than the revised estimate of $512.9 billion for December.

Nonresidential construction was at a seasonally adjusted annual rate
of $454.7 billion, or 0.8% higher than the revised December estimate of $451.2 billion.

Public Construction

In January, the estimated seasonally adjusted annual rate of public construction spending was $313.6 billion, 4.9% higher than the revised estimate of $299.0 billion for December.

Educational construction was at a seasonally adjusted annual rate of $77.8 billion, 2.2% above the revised December estimate of $76.1 billion.

Highway construction was at a seasonally adjusted annual rate of $99.9 billion, 11.8% above the revised estimate of $89.3 billion in December.

Written by
Staff Writing Group

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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