US Construction Spending Up 7.1% Year-over-year
In yet another sign that the US economic recovery is, indeed, happening, the US Census Bureau reported today that construction spending in the US was up 7.1% in January when compared with January of last year. Sequentially, however, the news…
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In yet another sign that the US economic recovery is, indeed, happening, the US Census Bureau reported today that construction spending in the US was up 7.1% in January when compared with January of last year. Sequentially, however, the news is less encouraging. Spending in January was -0.1% lower than in December.
Private residential construction rose 1.8% sequentially to $253.6 billion, while private non-residential construction fell -1.5% to $285 billion.
In the public sphere, spending fell -0.2% sequentially to $288.3 billion. Spending on educational facility construction fell -0.9% sequentially and highway construction fell -0.2%.
Total construction spending for January was $827 billion, compared with $772 in January 2011 and $827.6 billion in December 2011.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
