Construction spending in January 2011 was $791.8 billion, down 0.7 percent from December and down 5.9 percent from January 2010.

Construction Put in Place, January 2011

Building permits in January 2011 were 562,000, down 10.4 percent from December 2010 and down 10.7 percent from January 2010. Housing starts were 596,000 in January 2011, up 14.6 percent from the prior month, but down 2.6 percent from the prior year.

New Residential Construction, January 2011

New Residential Construction in December 2010

The bottom line is that the housing market continues to bounce along the bottom (at least in terms of national totals). Today’s data did have a quirky permits number, but that could have been the result of builders rushing to file permits before the end of the year to avoid some new regulations in the states of Pennsylvania, New York, and California. Therefore, next month expect permits to retrace most of today’s gain.

Retail and food services sales in January 2011 rose 0.3 percent from the prior month and 7.8 percent from the prior year, to $381.6 billion. Excluding automobiles, retail sales in January 2011 rose 0.3 percent from December and increased 6.2 percent from January 2010, to $312.7 billion.

Advance Monthly Sales for Retail and Food Services, January 2011

The international trade deficit increased 5.9 percent in December 2010, to $40.6 billion. Exports grew 1.8 percent, to $163.0 billion, and imports rose 2.6 percent, to $203.5 billion.

U.S. International Trade in Goods and Services