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FOR IMMEDIATE RELEASE: Friday, March 1, 2024

Monthly Construction Spending, January 2024

CB24-34



Total Construction
Construction spending during January 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, 0.2 percent (±0.8 percent)* below the revised December estimate of $2,105.8 billion. The January figure is 11.7 percent (±1.5 percent) above the January 2023 estimate of $1,882.2 billion.


Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,623.4 billion, 0.1 percent (±0.7 percent)* above the revised December estimate of $1,622.3 billion. Residential construction was at a seasonally adjusted annual rate of $900.8 billion in January, 0.2 percent (±1.3 percent)* above the revised December estimate of $899.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $722.6 billion in January, 0.1 percent (±0.7 percent)* below the revised December estimate of $723.2 billion.

Public Construction
In January, the estimated seasonally adjusted annual rate of public construction spending was $479.0 billion, 0.9 percent (±1.5 percent)* below the revised December estimate of $483.5 billion. Educational construction was at a seasonally adjusted annual rate of $101.5 billion, 0.7 percent (±3.1 percent)* below the revised December estimate of $102.3 billion. Highway construction was at a seasonally adjusted annual rate of $150.1 billion, 2.1 percent (±3.6 percent)* below the revised December estimate of $153.3 billion.

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Construction Expenditures Branch
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