by Calculated Risk on 7/02/2018 11:58:00 AM
Monday, July 02, 2018
Earlier today, the Census Bureau reported that overall construction spending increased in May:
Construction spending during May 2018 was estimated at a seasonally adjusted annual rate of $1,309.5 billion, 0.4 percent above the revised April estimate of $1,304.5 billion. The May figure is 4.5 percent above the May 2017 estimate of $1,253.6 billion.Both Private and public spending increased:
Spending on private construction was at a seasonally adjusted annual rate of $1,005.4 billion, 0.3 percent above the revised April estimate of $1,002.3 billion. ...Click on graph for larger image.
In May, the estimated seasonally adjusted annual rate of public construction spending was $304.1 billion, 0.7 percent above the revised April estimate of $302.1 billion.
This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.
Private residential spending has been increasing, but is still 18% below the bubble peak.
Non-residential spending is 9% above the previous peak in January 2008 (nominal dollars).
Public construction spending is now 7% below the peak in March 2009, and 16% above the austerity low in February 2014.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is up 7%. Non-residential spending is up 2% year-over-year. Public spending is up 5% year-over-year.
This was below the consensus forecast of a 0.6% increase for May.
Posted by Calculated Risk on 7/02/2018 11:58:00 AM