Economy & Market
US construction spends dip in January
US month-on-month construction spending fell 1 per cent in January as a result of a 5 per cent 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 $1.18 trillion in January, below the level seen in December and November 2016. Residential construction was up slightly at $481.9 billion, while non-residential construction fell from $711.7 billion in December to $698.4 billion in January.
Private construction recorded a slight gain in January - up 0.2 per cent to $911.6 billion. Public construction, however, finished at its lowest level since March 2017 at $268.7 billion. Spending by the federal government was down 7.4 per cent, while spending by state and local governments fell 4.8 per cent.