Construction spending inched down less than 0.1 percent in January, following a large upward revision in December and November, according to a new analysis of federal data released today by AGC. All forms of residential construction did well for the month and year-over-year, while private nonresidential spending was mixed and public construction declined amid continued congressional delays in passing a host of long-term infrastructure and tax measures.
“The strong gains in single-family homebuilding in December and January probably have a lot more to do with the unusually mild weather compared to year-ago conditions, than surging demand for new homes,” said Ken Simonson, AGC’s chief economist. “Meanwhile, private nonresidential activity dropped after an exceptionally large jump in December, but the January total was still up an impressive 17 percent from a year ago.”
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