U.S. Construction Spending Up 0.2 Percent in January

U.S. construction spending increased 0.2 percent in January, a weaker rate than was expected, according to figures released March 1 by the U.S. Department of Commerce.

Forecasters had expected an increase of around 1 percent.

Total construction spending increased to a seasonally adjusted annual rate of $1.163 trillion from $1.161 trillion in December. 

Spending on private construction rose 0.2 percent from the December estimate of $905.3 billion to $906.9 billion. Residential construction rose 0.1 percent and nonresidential construction rose 0.5 percent.

Public construction also rose just 0.2 percent in January, with educational construction falling 0.8 from December’s estimates and highway construction rising 0.9 percent.