March 2, 2009

Construction spending fell in January

Spending on private and public construction in the United States fell in January, the U.S. Commerce Department said Monday.

Construction fell to a seasonally adjusted annual rate of $986.2 billion, a drop of 3.3 percent from December's revised estimate of $1.02 trillion, the report said.

Private construction, at a seasonally adjusted annual rate of $682.6 billion, was 3.7 percent less than December's revised figure of $709 billion, the report said.

Residential private construction fell 2.9 percent to a seasonally adjusted annual spending rate of $291.5 billion.

Non-residential private spending on construction projects fell 4.3 percent on the month to an adjusted annual rate of $391 billion.

Public construction also fell, dropping 2.3 percent to $303.7 billion.

Spending on educational construction rose 0.6 percent to $85.5 billion, while highway construction outlays fell 1 percent to $79.2 billion, the government said.