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Residential Construction Spending Lags Despite Big Gains Overall
Tuesday, March 1, 2016
Publicly funded construction accounted for most of the gain in overall construction spending in January. The Census Department said on Tuesday that spending on all construction was at a seasonally adjusted annual rate of $1.14 trillion during the month, an increase of 1.5 percent over December spending. Spending in the public sector rose 4.5 percent driven by a large gain in the highway and street category.
Total spending rose 10.4 percent above the January 2015 figure of $1.03 trillion. On an unadjusted basis $77.59 billion in construction spending was put in place during the month, down from unadjusted spending of $86.53 billion in December but 9.5 percent more than was spent in January 2015.
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