Construction spending increased by 1.3 percent from December to January, according to data analysis by the Associated General Contractors. Spending totaled $1.28 trillion in January at a seasonally adjusted annual rate, and gained 0.3 percent over January 2018.
“The data are consistent with general contractors’ reports that they were busy early in the year and expect to stay that way through 2019,” said Ken Simonson, the association’s chief economist. “These early figures fit with what contractors say they expect for the full year, as the association’s survey in January revealed.”
Private residential spending lowered by 0.3 percent from December to January, and 5.6 percent compared to the January 2018 rate. Single family construction spending deceased by 7.2 percent, while multifamily construction spending jumped 12.8 percent.
Private nonresidential spending grew 0.8 percent for the month, and 2.4 percent compared to January 2018. Power construction gained 2.5 percent year-over-year, commercial construction declined 4.7 percent, manufacturing construction increased 3.7 percent, and office construction rose 7.6 percent.
Public construction spending increased 4.9 percent for the month, and 8.0 percent compared to the year-earlier month. Highway and street construction increased 12.7 percent.