Construction spending during January 2021 was estimated at a seasonally adjusted annual rate (SAAR) of $1,521.5 billion, 1.7% (±0.7%) above the revised December estimate of $1,496.5 billion (originally $1,490.4 billion); consensus expectations were for +0.8%. The January figure is 5.8% (±1.0%) above the January 2020 SAAR of $1,437.7 billion; the not-seasonally adjusted YoY change (shown in the table below) was +5.1%.
Private Construction
Spending
on private construction was at a SAAR of $1,160.0 billion, 1.7% (±0.5%) above
the revised December estimate of $1,140.9 billion (originally $1,137.6 billion):
* Residential: $713.0 billion, +2.5% (±1.3%), of which
* Home improvement. $244.1 billion, +2.3 % (+17.5% YoY);
* Nonresidential: $447.0 billion, +0.4% (±0.5%)*.
Public Construction
Public
construction spending was $361.5 billion, 1.7% (±1.2%) above the revised
December estimate of $355.5 billion (originally $352.8 billion):
* Educational: $89.9 billion, -0.1% (±1.3%)*;
* Highway: $107.8 billion, +5.8% (±3.1%).
* 90% confidence interval includes zero. The U.S. Census Bureau does not have sufficient statistical evidence to conclude that the actual change is different from zero.
Click
here
for a discussion of January’s new residential permits, starts and completions.
Click here
for a discussion of new and existing home sales, inventories and prices.
The foregoing comments represent the
general economic views and analysis of
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