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 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.