January 2024 U.S. construction spending was at a seasonally adjusted annual rate of $2,102.4 billion, down 0.2% from the December 2023 estimate. However, the January figure was up by 11.7% compared to one year ago.
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Spending on private construction was up 0.1% from the December estimate of $1,622.3 billion to $1,623.4 billion. Residential construction spending was up 0.2%, and nonresidential construction spending was down 0.1%.
Public construction projects came in 0.9% below December, at $479 billion. Educational construction hit $101.5 billion, 0.7% below December. Highway construction reached $150.1 billion in January, down 2.1%.
