Construction spending fell in January, Census says, but Reed reports jump in startsEditor’s note: Construction Citizen is proud to partner with AGC America to bring you AGC Chief Economist Ken Simonson's Data DIGest. Check back each week to get Ken's expert analysis of what's happening in our industry. Construction spending in January totaled $883 billion at a seasonally adjusted annual rate, down 2.1% from December but up 7.1% from January 2012, the Census Bureau reported last week. The November and December totals were each revised up by over $15 billion, reflecting a surge in power construction as contractors rushed to finish wind energy projects to qualify for tax credits by yearend. Private residential construction spending was flat for the month and up 22% from January 2012. Private nonresidential spending slumped 5.1% from December but rose 4.0% year-over-year. Public construction spending fell 1.0% for the month and 3.0% year-over-year. New single-family construction rose 3.6% and 30%, respectively. New multifamily spending rose 1.7% and 55%. Of the top three private nonresidential categories, spending on power construction (including oil and gas fields and pipelines) fell 14% and 2.7%; manufacturing construction fell 2.9% for the month but rose 13% year-over-year; and commercial construction (retail, warehouse and farm) edged up 0.6% and 3.0%.
March 04, 2013