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The overall spending of construction in January was at $1.522 trillion which was 1.7% higher than it was in December and compared to January 2020 was 5.8% higher said the U.S. Census Bureau.
While the median forecast was a 0.8 % increase.
In January the combined public and private spending on residential construction were up by 21.1 % compared to last year.
At the end of 2020, the overall spending crossed by 4.7 % to 2019, and the residential spending was 11.8 % higher.
In the private sector in January the construction spending was at a seasonally adjusted annual rate of $1.160 trillion, 1.7 % more than December 2020 and 6.8 % more than the January 2020 rate.
Unadjusted spending was $78.986 billion last year and now is at $83.865 billion which is comparatively 6.2 % higher.
The seasonally adjusted annual rate of residential spending is $712.951 billion, a 2.5 % more from December and 21.0 % higher to last year.
Single-family spending grew 3.0% and 24.2 % to $376.178 billion and multifamily spending was 0.7 % higher than the previous month and up 16.9 % on an annual basis at $92.699 billion.
The month’s residential spending on a non-adjusted basis, totaled $49.861 billion, out of which $26.601 billion was for single-family homes and $7.133 for units in buildings with five or more.
Compared to January 2020 the residential total was 22.0 % while single-family and multifamily spending rose 26.9 and 15.2 % respectively.
In January the public spending for all types of construction was at a seasonally adjusted rate of $361.476 billion, a 1.7 % increase from December and 2.9 % higher than the same time last year.
Over the course of 2020 residential spending, had grown 32 %.
