Construction spending fell 0.1% in January, the U.S. Commerce Department reported Wednesday.
Outlays for U.S. construction projects fell 0.1% in January to $1.826 trillion, the Commerce Department reported Wednesday.Spending in December rose a revised 0.7% to $1.828 trillion, down from the prior estimate of a 0.4% drop.
Over... Outlays for U.S. construction projects fell 0.1% in January to $1.826 trillion, the Commerce Department reported Wednesday.Spending in December rose a revised 0.7% to $1.828 trillion, down from the prior estimate of a 0.4% drop.Total private construction was flat in January. Private residential construction fell 0.6%, with single-family construction dropping by 1.7%. Private nonresidential spending rose by 0.9%.
Total public construction fell by 0.6%. Residential public construction rose by 0.2% while nonresidential public construction fell by 0.6% last month. The housing construction data indicates a big divergence between single- and multi-family development: year-over-year, single-family construction by private entities was down 18.4%, while multi-family construction was up 20.6%.
Stocks DJIA SPX were down in early trading on Wednesday. The 10-year Treasury note TMUBMUSD10Y was at 3.99%.
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