Home construction spending falls for 23rd straight month

The rate of residential construction spending fell for the 23rd consecutive month and hit its lowest rate in about five years in January, the U.S. Census Bureau reported today.

The seasonally adjusted annual rate of spending on private residential construction projects was $455.75 billion in January, down 19.7 percent compared to the same month last year. This rate is a projection of a monthly total over a 12-month period, adjusted to account for seasonal fluctuations in construction activity.

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