Construction spending slipped 0.2% in January to a seasonally adjusted annual rate of $2.1 trillion, according to the U.S. Census Bureau.
Compared with January 2023, construction spending was up 11.7%.
“The dip in January is more likely due to bad weather than to weakening demand overall,” stated Ken Simonson, chief economist for the Associated General Contractors of America. “But high financing costs and falling rents are dragging down income-dependent sectors like warehouse and retail construction, while single-family homebuilding and manufacturing remain solid.”
Spending on private residential construction alone grew 0.2% compared with December, however, and was up 5.2% compared with January 2023.
The full report can be found at this link.
