The U.S. Department of Commerce found that construction spending in January fell 2.1 percent from December to a seasonally adjusted rate of $883.3 billion. This is 7.1 percent above the January 2012 rate of $824.7 billion.
In private construction, spending was at an adjusted rate of $614.2 billion, down 2.6 percent from December. Residential construction was nearly the same as December, but nonresidential was 5.1 percent lower.
January's rate of public construction spending was $269.0 billion, 1 percent below December. Educational construction was down 3.5 percent from December.
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