The latest figures from the US Census Bureau reveal that seasonally adjusted total construction spending in the US increased by 9.3% y/y from US$863.1 billion in January 2013 to US$943.1 billion in January 2014. Spending also saw a marginal increase of 0.1% m/m compared to US$941.9 billion in December 2013.
The US Census Bureau survey covers construction work done each month on new structures or improvements to existing structures for private and public sectors. Data estimates include the cost of labour and materials, cost of architectural and engineering work, overhead costs, interest and taxes paid during construction and contractor’s profits.
Total private construction
Total private construction spending reached US$670.8 billion in January 2014, a 12.3% y/y increase from US$597.4 billion in January 2013 and a 0.5% m/m increase from US$667.5 billion in December 2013. Residential construction spending totalled US$359.9 billion and non-residential construction spending stood at US$310.9 billion.
Total public construction
Total public construction spending increased by 2.5% y/y from US$265.7 billion in January 2013 to US$272.3 billion in January 2014. However, spending saw a slight 0.8% m/m decreased from US$274.4 billion in December 2013. Residential construction spending reached US$4.5 billion (a 22.2% y/y decrease compared to January 2013) and non-residential construction spending stood at US$267.8 billion (a 3% y/y increase from January 2013).
Adapted from press release by Rosalie Starling