The U.S. Census Bureau of the Department of Commerce announced today that construction spending during January 2012 was estimated at a seasonally adjusted annual rate of $827.0 billion, 0.1 percent below the revised December estimate of $827.6 billion. The January figure is 7.1 percent above the January 2011 estimate of $772 billion.
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Spending on private construction was at a seasonally adjusted annual rate of $538.7 billion, nearly the same as the revised December estimate of $538.7 billion. Residential construction was at a seasonally adjusted annual rate of $253.6 billion in January, 1.8 percent above the revised December estimate of $249.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $285.0 billion in January, 1.5 percent below the revised December estimate of $289.5 billion.
In January, the estimated seasonally adjusted annual rate of public construction spending was $288.3 billion, 0.2 percent below the revised December estimate of $289.0 billion. Educational construction was at a seasonally adjusted annual rate of $71.6 billion, 0.9 percent below the revised December estimate of $72.2 billion. Highway construction was at a seasonally adjusted annual rate of $83.7 billion, 0.2 percent below the revised December estimate of $83.9 billion.
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