01.03.202314:29:00UTC+00U.S. Construction Spending Unexpectedly Edges Slightly Lower In January

Construction spending in the U.S. unexpectedly edged slightly lower in the month of January, according to a report released by the Commerce Department on Wednesday.

The report said construction spending slipped by 0.1 percent to an annual rate of $1.826 trillion in January after falling by 0.7 percent to a revised rate of $1.828 trillion in December.

Economists had expected construction spending to inch up by 0.2 percent compared to the 0.4 percent decrease originally reported for the previous month.

The unexpected dip in construction spending came as spending on public construction slid by 0.6 percent to an annual rate of $383.1 billion.

Spending on educational construction fell by 0.6 percent to an annual rate of $84.1 billion, while spending on highway construction slumped by 0.9 percent to an annual rate of $117.3 billion.

Meanwhile, the Commerce Department said spending on private construction was virtually unchanged at an annual rate of $1.443 trillion.

Spending on non-residential construction climbed by 0.9 percent to an annual rate of $595.2 billion, but the increase was largely offset by a 0.6 percent drop in spending on residential construction to a rate of $847.4 billion.