January construction spending jumps 5.7% YOY
The U.S. Census Bureau estimated the value of total construction put in place for January 2023 was a seasonally adjusted annual rate of $1,825.7 billion, 0.1 percent (±0.7 percent)* below the revised December estimate of $1,827.5 billion. The January figure is 5.7 percent (±1.2 percent) above the January 2022 estimate of $1,726.6 billion.
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Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,442.6 billion, virtually unchanged from (±0.5 percent)* the revised December estimate of $1,442.0 billion. Residential construction was at a seasonally adjusted annual rate of $847.4 billion in January, 0.6 percent (±1.3 percent)* below the revised December estimate of $852.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $595.2 billion in January, 0.9 percent (±0.5 percent) above the revised December estimate of $589.9 billion.
Public Construction
In January, the estimated seasonally adjusted annual rate of public construction spending was $383.1 billion, 0.6 percent (±1.2 percent)* below the revised December estimate of $385.5 billion. Educational construction was at a seasonally adjusted annual rate of $84.1 billion, 0.6 percent (±2.0 percent)* below the revised December estimate of $84.6 billion. Highway construction was at a seasonally adjusted annual rate of $117.3 billion, 0.9 percent (±2.8 percent)* below the revised December estimate of $118.4 billion.
INDUSTRIAL SUPPLY MAGAZINE
The November/December issue of Industrial Supply magazine features an in-depth cover story about Kimball Midwest. Plus, we're featuring articles by contributing writers Dirk Beveridge, Frank Hurtte, and Mike Marks, as well as interviews with numerous product and distribution industry experts.
