American construction spending rose to US$1.52 trillion in January 2021
/ Our Today
administratorSpending on private construction was up 1.7 per cent to US$1.16 trillion
During January 2021, construction spending in America rose at an estimated annual rate of 1.7 per cent to US$1.52 trillion, surpassing the December 2020 estimate of US$1.49 trillion.
The US Census Bureau reports that the movement in construction spending in January 2021 is 5.8 per cent above the January 2020 estimate of US$1.437 trillion.
According to the US Census Bureau, “spending on private construction was at a seasonally adjusted annual rate of $1.16 trillion, 1.7 per cent above the revised December estimate of US$1.14 trillion. Residential construction was at a seasonally adjusted annual rate of US$713.0 billion in January, which is 2.5 per cent above the revised December estimate of US$695.7 billion”.
Meanwhile, non-residential construction was at an annual rate of US$447.0 billion in January 2021, representing a 0.4 per cent upward revision to the December 2020 estimate of $445.2 billion.
Public construction
The projected rate of public construction spending in January this year was US$361.5 billion, representing a 1.7 per cent climb above the updated US$355.5 billion December 2020 estimate. Educational construction was valued at US$89.9 billion, down 0.1 per cent compared to updated December forecast of US$90.0 billion.
Whereas highway construction was US$107.8 billion was 5.8 per cent above the updated December forecast of US$101.9 billion.
Construction employment unchanged in January
According to the most recently available employment summary from the Bureau of Labor Statistics, construction sector employment growth hit a wall to open 2021. Construction employment had grown for eight straight months before losing 3,000 jobs in January. Employment had risen by 42,000 jobs in December.
Since last February, construction industry employment is down by 256,000. The Bureau of Labor Statistics will release the employment summary for February tomorrow Friday March 5
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