Total U.S. construction spending declined in January following a modest increase in December, according to figures shared on March 3 by the U.S. Census Bureau.

In the Store: MDM’s 2024 Annual Economic Outlook Report (free for Premium) 

Spending in January was estimated at a seasonally adjusted annual rate of $2.192 trillion, 0.2% below the revised December increase. Economists polled by Reuters and the Wall Street Journal had forecast an unchanged January. It followed increases of 0.5% in December and 0.2% in November.

The January figures were up 3.3% year-over-year.

U.S. Construction Spending: Month-Over-Month % Change through January 2025

source: tradingeconomics.com

MDM’s 4Q24 MarketPulse Report (store link) 

Private Construction

January spending on private construction was at a seasonally-adjusted annual rate of $1.686 trillion, 0.2% below the revised December estimate. Residential construction was at a rate of $932.7 billion, 0.4% below the revised December estimate, while nonresidential construction’s rate of $753.3 billion was unchanged from the revised December estimate.

Public Construction

January spending on public construction was at a seasonally-adjusted annual rate of $506.6 billion, 0.1% above the revised December estimate. Education construction was at a rate of $109.8 billion, 0.4% below the revised December estimate, while highway construction’s rate of $145.0 billion was 0.6% above the revised December estimate.