Construction spending declined 2.1% in January, but the pain bypassed residential construction, according to data released by the Census Bureau today. Private residential spending was flat, but once improvements (a poorly estimated category) are subtracted, single-family spending was up 3.6% and multifamily spending improved 1.7%.
Private nonresidential construction spending was down 5.1% due to a slow down in spending on electric power plants after that sector saw large jumps the previous two months.
See the Census Bureau’s full release discussing construction spending numbers in January.
Claire Easley is a senior editor at Builder.
