Construction spending during January 2015 was estimated at a seasonally adjusted annual rate of $971.4 billion, a decrease of 1.1 percent from the December estimate of $982 billion.
The January number is 1.8 percent higher than the January 2014 figure of $954.6 billion.
Private construction spending saw a 0.5 percent dip, from $700.9 billion in December 2014 to $697.6 billion in January.
That decline was due to nonresidential construction spending, which decreased 1.6 percent from the December figure to $345.9 billion in January. Meanwhile, residential spending in January was $351.7 billion, an increase of 0.6 percent from the December estimate of $349.5 billion.
Public construction in January was at a seasonally adjusted annual rate of $273.8 billion, or 2.6 percent below the December figure of $281.1 billion.
