March 03, 2021
During January 2021, construction spending rose at an estimated seasonally adjusted annual rate of 1.7% (±0.7%) to $1,521.5 billion, reported by US Census Bureau. This was above the revised December estimate of $ 1,496.5 billion. Moreover, this January figure is 5.8% (±1.0%) above the January 2020 estimate of $1,437.7 billion.
According to US Census Bureau, “spending on private construction was at a seasonally adjusted annual rate of $1,160.0 billion, 1.7 percent (±0.5 percent) above the revised December estimate of $1,140.9 billion. Residential construction was at a seasonally adjusted annual rate of $713.0 billion in January, 2.5 percent (±1.3 percent) above the revised December estimate of $695.7 billion.” Meanwhile, on a seasonally adjusted basis, nonresidential construction was at an annual rate of $447.0 billion in January, a 0.4% (±0.5%) upward revision to the December estimate of $445.2 billion.
The projected seasonally adjusted annual rate of public construction spending in January was $361.5 billion, 1.7% (±1.2%) above the updated $355.5 billion December estimate. Educational construction was at a seasonally adjusted annual rate of $89.9 billion, 0.1% (±1.3%) under the updated December forecast of $90.0 billion. Whereas highway construction was $107.8 billion, 5.8% (±3.1%) above the updated December forecast of $101.9 billion, at a seasonally adjusted annual rate.
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