US month-on-month construction spending fell 1% in January as a result of a 5% fall in public construction spending, according to figures from the US Census Bureau. The drop was the first since September and the biggest fall since April.
Total construction spending was US$1.18 trillion in January, below the level seen in December and November 2016. Residential construction was up slightly at US$481.9 billion, while non-residential construction fell from US$711.7 billion in December to US$698.4 billion in January.
Private construction recorded a slight gain in January – up 0.2% to US$911.6 billion. Public construction however finished at its lowest level since March 2017 at US$268.7 billion. Spending by federal government was down 7.4%, while spending by state and local governments fell 4.8%, according to Associated Press.