Construction spending during January 2011 was estimated at a seasonally adjusted annual rate of $791.8 billion, 0.7 percent below the revised December estimate of $797.6 billion, according to the U.S. Census Bureau of the Department of Commerce. The January figure is 5.9 percent below the January 2010 estimate of $841.0 billion.
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Spending on private construction was at a seasonally adjusted annual rate of $490.0 billion, 1.2 percent below the revised December estimate of $495.9 billion. Residential construction was at a seasonally adjusted annual rate of $245.6 billion in January, 5.3 percent above the revised December estimate of $233.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $244.4 billion in January, 6.9 percent below the revised December estimate of $262.7 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $301.8 billion, 0.1 percent above the revised December estimate of $301.6 billion. Educational construction was at a seasonally adjusted annual rate of $70.2 billion, 1.7 percent above the revised December estimate of $69.0 billion. Highway construction was at a seasonally adjusted annual rate of $85.4 billion, 0.7 percent below the revised December estimate of $86.1 billion.
\”These discouraging figures show that millions of construction workers and their firms are still suffering from the economic downturn, despite a year and a half of growth in the overall economy,\” said Ken Simonson, chief economist for the Associated General Contractors of America. \”Other than an uptick in the construction of truck terminals and railroad facilities, private sector demand for construction remains extremely low.\”
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