March 3, 2025
Construction spending (the green bars above) fell 0.2% in January after having risen 0.5% in December and 0.4% in November. After rising in each of the past three months, construction spending took a breather in January. But given the snowy, icy, and bitter cold weather conditions that existed for most of that month it is difficult to attach any particular significance to the January drop. In the past 12 months it has risen 3.3%.
Private construction spending (excluding the government sector) declined 0.2% in January after rising 0.7% in December and 0.5% in November. In the past year private construction has risen 2.6%.
Within the private construction spending category, residential spending declined 0.4% in January after having jumped 1.3% in December and 0.3% in November. In the past 12 months residential construction spending has risen 3.1%.
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Nonresidential construction was unchanged in January after having risen 0.1% in December and 0.7% in November. In the past 12 months nonresidential construction has risen 1.8%.
Public sector construction spending rose 0.1% in January after having fallen 0.3% in December after having risen 0.1% in November. In the past year such spending has risen 5.9%.
.Stephen Slifer
NumberNomics
Charleston, SC
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