January Sees a Slight Dip in US Construction Spending

In an unexpected turn, the United States witnessed a 0.2% decrease in construction spending in January, bringing the total to $2.2 trillion. Despite this monthly decline, the sector experienced a 3.3% increase compared to the same period last year, indicating a resilient growth trend over the year.

Private and Residential Construction Takes a Hit

Private construction spending wasn't spared, with a 0.2% drop to $1.68 trillion. The residential sector faced a sharper decline, falling 0.4% to $932.7 billion, highlighting the challenges faced by the housing market at the start of the year.

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