The US Census Bureau announced that construction spending during January 2023 was estimated at a seasonally adjusted annual rate of $1,825.7 billion, 0.1 percent (±0.7 percent) below the revised December estimate of $1,827.5 billion. The January figure is 5.7 percent (±1.2 percent) above the January 2022 estimate of $1,726.6 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,442.6 billion, virtually unchanged from (±0.5 percent) the revised December estimate of $1,442.0 billion. Residential construction was at a seasonally adjusted annual rate of $847.4 billion in January, 0.6 percent (±1.3 percent) below the revised December estimate of $852.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $595.2 billion in January, 0.9 percent (±0.5 percent) above the revised December estimate of $589.9 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $383.1 billion, 0.6 percent (±1.2 percent) below the revised December estimate of $385.5 billion. Educational construction was at a seasonally adjusted annual rate of $84.1 billion, 0.6 percent (±2.0 percent) below the revised December estimate of $84.6 billion. Highway construction was at a seasonally adjusted annual rate of $117.3 billion, 0.9 percent (±2.8 percent) below the revised December estimate of $118.4 billion.