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March 01, 2023US CONSTRUCTION SPENDING, JANUARY 2023 Month over month (January 2023 vs December 2022, seasonally adjusted annual rate)
US construction spending decreased 0.1% to $1,825.7 billion. This follows a fall of 0.7% reported in December 2022, when construction spending totaled $1,827.5 billion. Total residential construction decreased 0.6% to $856.9 billion. Total non-residential construction spending increased 0.3% to $968.7 billion.
Private sector construction remained steady at $1,442.6 billion. Private residential construction decreased 0.6% to $847.4 billion, while private non-residential construction spending increased 0.9% to $595.2 billion.
Public sector construction decreased 0.6% to $383.1 billion. Public residential construction increased 0.2% to $9.6 billion, while public non-residential construction spending decreased 0.6% to $373.5 billion.
Year over year (January 2023 vs January 2022)
US construction spending was up 5.7%
- Total residential construction was down 3.8%
- Total non-residential construction was up 15.9%
- Private sector construction was up 4.4%
- Public sector construction was up 11.1%
Source: US Census Bureau, retrieved from FRED, Federal Reserve Bank of St. Louis
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