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#Economic Report: U.S. construction spending falls slightly in January

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“Economic Report: U.S. construction spending falls slightly in January”

Spending was down 0.1% in January while Wall Street was expecting a rise

Outlays for U.S. construction projects fell 0.1% in January to $1.826 trillion, the Commerce Department reported Wednesday.

Wall Street was expecting construction spending to rise 0.3%.

Spending in December rose a revised 0.7% to $1.828 trillion, down from the prior estimate of a 0.4% drop.

Over the past year, construction spending is up 5.7%.

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,
-0.15%

SPX,
-0.43%
were down in early trading on Wednesday. The 10-year Treasury note
TMUBMUSD10Y,
3.995%
was at 3.99%.

Aarthi Swaminathan

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