The U.S. Census Bureau of the Department of Commerce announced Monday that construction spending during January 2015 was estimated at a seasonally adjusted annual rate of $971.4 billion, 1.1% below the revised December estimate of $982.0 billion.

The January figure is 1.8% above the January 2014 estimate of $954.6 billion.

Spending on private construction was at a seasonally adjusted annual rate of $697.6 billion, 0.5% below the revised December estimate of $700.9 billion.

Residential construction was at a seasonally adjusted annual rate of $351.7 billion in January, 0.6% above the revised December estimate of $349.5 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $345.9 billion in January, 1.6% below the revised December estimate of $351.5 billion.

In January, the estimated seasonally adjusted annual rate of public construction spending was $273.8 billion, 2.6% below the revised December estimate of $281.1 billion. Educational construction was at a seasonally adjusted annual rate of $58.9 billion, 3.4% below the revised December estimate of $60.9 billion.

Highway construction was at a seasonally adjusted annual rate of $88.3 billion, 0.6% above the revised December estimate of $87.8 billion.