Coming off the best year for construction spending since 2008, the January figures have 2016 off to a great start. The seasonally adjusted annual rate of construction spending for January was $1,140.8 billion. This is 1.5% higher than December’s estimate which was revised up from $1,116.6 billion to $1,123.5 billion. November’s estimate was also revised up slightly from $1,116.0 billion to $1,117.0 billion. Compared to the January 2015 figure of #1,033.3 billion, the January 2016 estimate is 10.4% higher.
The seasonally adjusted rate for private construction spending increased in January after dropping some in December. January’s private construction spending was at $831.4 billion. December was revised up from $824.0 billion to $827.3 billion and November’s estimate was revised up again from $828.8 billion to $830.2 billion. Private construction spending in January 2016 is 9.5% higher than the January 2015 figure.
The biggest gains in private construction came from Lodging which increased 6.7%, Religious which jumped 4.4% and Manufacturing which increased 4.2% from December to January. New single family residential along with the Commercial and Communication sectors all saw decreases from the previous month.
The rate of public construction spending jumped 4.5% in January. Construction spending was at $309.4 billion over December’s revised estimate of $296.2 billion. December’s estimate was revised up from $292.5, but November’s estimate was revised down again from $287.1 billion to $286.8. Public construction spending has in January 2016 is 13.0% higher than the January 2015 figure.
On the public side, the largest increases came from Highway & Street projects (14.7% increase), Conservation & Development (10.3% increase) and Healthcare (6.5% increase). Drops in construction spending on the public side came from Residential, Office, Educational, Public Safety and Transportation.