[ad_1]
Outlays for U.S. construction projects fell 0.1% in January to $1.826 trillion, the Commerce Department reported Wednesday.
Wall Street was expecting construction spending to rise 0.3%.
Spending in December rose a revised 0.7% to $1.828 trillion, down from the prior estimate of a 0.4% drop.
Over the past year, construction spending is up 5.7%.
Total private construction was flat in January. Private residential construction fell 0.6%, with single-family construction dropping by 1.7%. Private nonresidential spending rose by 0.9%.
Total public construction fell by 0.6%. Residential public construction rose by 0.2% while nonresidential public construction fell by 0.6% last month.
The housing construction data indicates a big divergence between single- and multi-family development: year-over-year, single-family construction by private entities was down 18.4%, while multi-family construction was up 20.6%.
Stocks
DJIA,
SPX,
were down in early trading on Wednesday. The 10-year Treasury note
TMUBMUSD10Y,
was at 3.99%.
[ad_2]
Source link
