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Residential construction spending remains stable to start year

03.02.2013

Residential construction spending did not change much in January.

The level of residential construction spending did not significantly change in January compared to the previous month.

Overall residential construction registered a rate of $304.6 billion to start the year, only marginally lower than December's level of $304.7 billion, according to a report from the Department of Commerce. The total level of construction for the month fell more than 2 percent in January to a rate of $883.3 billion. December's rate was nearly $903 billion. Despite this, the figure rose more than 7 percent from the same month in 2012, when it was $824.7 billion.

"We're likely to see improvement in housing this year," said Daniel Silver, economist at JPMorgan Chase, according to Bloomberg. "Growth rates for sales and construction should be strong."

Despite the slowdown in residential construction, more consumers may be purchasing homes. The National Association of Realtors recently released a report that showed pending home sales rose 4.6 percent in January from the previous month. The figure was also more than 9 percent improved from the same month in 2012.

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