Construction spending ticked up 0.1% in January, with an increase in private construction projects making up for a drop in public construction spending.
Spending on construction projects rose to a seasonally adjusted annual rate of $943.1 billion in January, the U.S. Department of Commerce reported Monday.
January’s report mirrored what was seen in December, when total outlays edged up 0.1% after a 0.8% boost in November. Strength then was also in private residential outlays.
New one-family outlays advanced 2.3% in January after rising 3.4% in December. Private nonresidential spending dipped 0.2%, following a 1.2% increase in December. Public outlays fell 0.8% in January, following a 0.4% rise in December.
On a year-ago basis, total outlays were up 9.3% after a 6.6% gain the prior month.
Overall, it appears that home builders withstood winter weather better than home shoppers.
In other relatively positive news, consumer spending rose a seasonally adjusted 0.4% for January while personal income gained 0.3%, according to the U.S. Department of Commerce.
The personal savings rate remains flat at 4.3%.