by Calculated Risk on 2/01/2019 11:25:00 AM
Friday, February 01, 2019
Note: This is for November. The release of the December report has not been scheduled yet.
From the Census Bureau reported that overall construction spending increased in November:
Construction spending during November 2018 was estimated at a seasonally adjusted annual rate of $1,299.9 billion, 0.8 percent above the revised October estimate of $1,289.7 billion. The November figure is 3.4 percent above the November 2017 estimate of $1,257.3 billion.Private spending increased and public spending decreased:
Spending on private construction was at a seasonally adjusted annual rate of $993.4 billion, 1.3 percent above the revised October estimate of $980.4 billion. ...Click on graph for larger image.
In November, the estimated seasonally adjusted annual rate of public construction spending was $306.5 billion, 0.9 percent below the revised October estimate of $309.3 billion.
This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.
Private residential spending had been increasing - although has declined recently - and is still 20% below the bubble peak.
Non-residential spending is 9% above the previous peak in January 2008 (nominal dollars).
Public construction spending is now 6% below the peak in March 2009, and 17% 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 1%. Non-residential spending is up 4% year-over-year. Public spending is up 7% year-over-year.
This was above consensus expectations, however spending for September and October were revised down.
Posted by Calculated Risk on 2/01/2019 11:25:00 AM