Construction spending up slightly nationwide

Construction spending nationwide rose slightly in January. Overall construction spending during January was estimated at a seasonally adjusted annual rate of $1,163.4 billion, just 0.2 percent above the December estimate, according to data released Wednesday morning by the U.S. Census Bureau. The January estimate is still 7.4 percent above the January 2005 estimate of $1,083.7 billion. Residential construction spending increased 0.1 percent from December to January, hitting a seasonally adjusted annual rate of $649.9 billion. Nonresidential construction was at a seasonally adjusted rate of $257 billion in January, 0.5 percent up from December’s rate. By Tom Acitelli