Construction spending weakens to start 2025
|Summary
Construction spending dips in January
Total construction outlays declined 0.2% during January. Residential spending ended a three-month streak of gains and fell 0.5% during the month. Although single-family spending continued to expand, multifamily and home improvement spending both dropped. Meanwhile, total nonresidential spending rose modestly as solid gains in infrastructure and data center spending offset weakness in manufacturing, commercial and education projects. While relatively resilient economic growth and the lagged impulse from recent federal spending packages should continue as support factors, elevated interest rates and increased economic policy uncertainty stand to constrain construction activity moving forward.
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