A recent report from the U.S. Census Bureau shows that less construction equipment was on the move in January, as spending on building dropped during the month.
At a seasonally adjusted annual rate, overall construction spending dropped 0.6 percent in January when compared to December. Construction spending during the first month of the year amounted to an annual rate of $844.1 billion, compared to December's $889.6 billion.
On a year-to-year comparison, construction spending dropped 9.3 percent when compared to January 2009. Last year, construction spending during the first month of the year came to an annualized rate of $974.3 billion.
Private construction saw a decline in spending of 0.6 percent when compared to December, and totaled at a seasonally adjusted annual rate of $577.3 billion. However, residential construction did post a 1.3 percent gain over December. In all, residential construction amounted to a seasonally adjusted annual rate of $260.8 billion.
Though construction spending was up on residential projects, another report from the Census Bureau noted that sales of new homes dropped 11.2 percent at an annualized rate in January when compared to December.