The U.S. Census Bureau of the Department of Commerce announced that construction spending during January 2012 was estimated at a seasonally adjusted annual rate of $827.0 billion, 0.1% (±1.1%) below the revised December estimate of $827.6 billion. The January figure is 7.1 percent (±1.8%) above the January 2011 estimate of $772.0 billion.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $538.7 billion, nearly the same as (±1.1%) 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 (±1.3%) 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 (±1.1%) below the revised December estimate of $289.5 billion.

Public Construction

In January, the estimated seasonally adjusted annual rate of public construction spending was $288.3 billion, 0.2 %(±1.8%)* below the revised December estimate of $289.0 billion. Educational construction was at a seasonally adjusted annual rate of $71.6 billion, 0.9%(±3.4%) below the revised December estimate of $72.2 billion. Highway construction was at a seasonally adjusted annual rate of $83.7 billion, 0.2% (±3.8%)* below the revised December estimate of $83.9 billion.