Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending in January dropped 0.6 percent, as a 1.4 percent decline in nonresidential construction more than offset a moderate increase in residential spending. The fall in nonresidential construction was most notably driven by cutbacks in the areas of lodging, manufacturing, and communication. Total spending has retreated ten out of the past twelve months, putting the 12-month growth rate at −9.3 percent, a bit of an improvement over its low last September of −15.8 percent. Private construction spending posted a 0.6 percent drop in January and sits 14.3 percent below its level in January 2009. Public construction in January retreated 0.7 percent but still sits 2.1 percent above its year-ago level. Private residential construction continues to chart a choppy course, rising 1.3 percent in January after two larger consecutive declines. However, its 12-month growth rate climbed from −11.9 percent to −6.4 percent last month and has risen from an all-time low of −35 percent just last March, showing a slow recovery in the housing market.