Residential Construction Spending Remains Flat

Posted To: MND NewsWire

Construction spending had been expected to recover from the 0.2 percent loss it suffered in December. Analysts polled by Econoday were looking for an increase of 0.2 to 0.8 percent, with a consensus of a half-point gain. Instead total January construction expenditures fell to $1.18 trillion on a seasonally adjusted annual basis from a revised December estimate of $1.19 trillion (down from $1.2 trillion), a decrease of 1.0 percent. The January number did outpace the annual rate of $1.15 trillion from January 2016 by 3.1 percent. On an unadjusted basis, total spending in January was $81.32 billion, down from $91.53 billion in December. The downturn in overall spending was almost entirely attributable to the public sector , and privately funded construction did eke out a slight month-over-month…(read more)

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Source: Mortgage News Daily

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