U.S. construction spending for January stood at a seasonally adjusted annual rate of $1.263 trillion, which was nearly the same as the upwardly revised rate in December 2017, a report from the U.S. Census Bureau showed.
In annual terms, construction spending came 3.2% above the January 2017 estimate of $1.224 trillion.
Spending on private construction rose by 0.5 of a percentage point to a seasonally adjusted annual rate of $962.7 billion for the month from the December 2017 revised estimate of $967.9 billion. Meanwhile, public construction spending came in at $300.1 billion, up by 1.8% from $294.8 billion.
Spending on private residential construction inched up 0.3% to $523.2 billion in January, while private nonresidential construction spending slipped 1.5% to $439.6 billion.
On a non-seasonally adjusted basis, the value of construction put in place in the U.S. rose 4% to $1.233 trillion in 2017 from $1.186 trillion in 2016.
Private construction spending climbed 6% to $952.8 billion in 2017 from $898.7 billion in 2016, while public construction spending slipped 2.4% to $280.1 billion from $287.0 billion.
