by Calculated Risk on 6/01/2020 10:30:00 AM
Monday, June 01, 2020
From the Census Bureau reported that overall construction spending decreased in April:
Construction spending during April 2020 was estimated at a seasonally adjusted annual rate of $1,346.2 billion, 2.9 percent below the revised March estimate of $1,386.6 billion. The April figure is 3.0 percent above the April 2019 estimate of $1,307.1 billion.Both private and public spending decreased:
Spending on private construction was at a seasonally adjusted annual rate of $1,004.1 billion, 3.0 percent below the revised March estimate of $1,035.6 billion. ...Click on graph for larger image.
n April, the estimated seasonally adjusted annual rate of public construction spending was $342.1 billion, 2.5 percent below the revised March estimate of $351.0 billion.
This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.
Residential spending is 21% below the previous peak.
Non-residential spending is 13% above the previous peak in January 2008 (nominal dollars).
Public construction spending is 5% above the previous peak in March 2009, and 30% 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 6.2%. Non-residential spending is up 1.1% year-over-year. Public spending is up 0.8% year-over-year.
This was above consensus expectations of a 6% decrease in spending, and construction spending for February and March were revised up.
Construction was considered an essential service in most areas and hasn't declined sharply like many other sectors.
Posted by Calculated Risk on 6/01/2020 10:30:00 AM