Overall Construction Spending Falls 1.7 Percent in January


By Jeannine Aversa

03/06/2008

The U.S. Census Bureau reported this week that overall construction spending in the U.S. declined 1.7 percent in January to a seasonally adjusted annual rate of $1,121.5 billion The January figure is 3.3 percent below the January 2007 estimate of $1,160.2 billion.

Private construction fell 2.2 percent during the period to a seasonally adjusted annual rate of $827.4 billion, while residental construction spending fell three percent to a seasonally adjusted annual rate of $455.8 billion.

Public construction, meanwhile, edged down 0.2 percent to a seasonally adjusted annual rate of $294.1 billion. Educational construction was at a seasonally adjusted annual rate of $85.9 billion, 0.6 percent above the revised December estimate of $85.4 billion. Highway construction was at a seasonally adjusted annual rate of $77.5 billion, 1.3 percent below the revised December estimate of $78.5 billion.

(Source: BuildingOnline.com)