Construction spending unexpectedly fell to start 2023, according to the latest data from the Census Bureau.
- M-O-M: Construction spending fell to a seasonally adjusted annual rate of $1.82T to start 2023, down 0.1% from December and below economist expectations of a 0.2% increase.
- Y-O-Y: Construction spending is down 5.7% when compared to January 2022.
Single Family Slump. Residential spending fell 0.6% for the month thanks to a continued decline in single-family spending.
- Single-family spending fell 1.7% from December to a seasonally adjusted rate of $374.43B, this is down 18.4% compared to the same time last year.
- Multi-family spending was actually in the green with a 0.4% increase from December to a seasonally adjusted rate of $120.52B, this is up 20.6% when compared to the same time last year.