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Main Indicator: Construction Spending
Most Recent Release
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Actual | Forecast | Previous | Revised Form | |
| 0.0% | -0.4% | -1.4% | -0.6% | ||
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Monthly Change for August
US construction spending performed better than expected in August. Total spending was flat, but July's figure was revised sharply lower. Residential outlays saw a rare increase and offset a dip in commercial building. Residential spending is still 27.9% lower in August on an annual basis, as builders are reluctant to build new homes as inventories are way up and new homes are not selling well. That was apparent in the most recent new home sales figure which saw August's sales down 11.5%.
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Table of Past Data
| 1/2 | 2/1 | 3/3 | 4/1 | 5/1 | 6/2 | 7/1 | 8/1 | 9/2 | 10/1 | ||
| Actual | 0.1% | -1.1% | -1.7% | -0.3% | -1.1% | -0.4% | -0.4% | -0.4% | -0.6% | 0.0% | |
| Forecast | -0.4% | -0.5% | -0.6% | -1.0% | -0.8% | -0.5% | -0.5% | -0.4% | -0.3% | -0.4% | |
| Previous | -0.8% | -0.4% | -1.3% | -1.0% | -0.4% | -0.6% | -0.1% | 0.0% | 0.3% | -1.4% | |
| Revised From | N/A | 0.1% | -1.1% | -1.7% | -0.3% | -1.1% | -0.4% | -0.4% | -0.4% | -0.6% | |
Past Releases
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Actual | Forecast | Previous | Revised Form | |
| -0.6% | -0.3% | 0.3% | -0.4% | ||
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Monthly Change for July
June y/y: -5.9%
Construction spending fell 0.6% in July, as the housing slump continues unabated. Its the largest decline since February. In a bit of good news from the release, June's figure was revised up to show a 0.3% increase compared to a 0.4% decline that was originally stated. The Dollar weakened slightly following the release, as the ISM Manufacturing Index, which came out concurrently hit expectations. Still, the Dollar had a strong overnight session and at 10:10 AM was still higher compared to the Euro, Yen and Pound. |
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Actual | Forecast | Previous | Revised Form | |
| -0.4% | -0.4% | 0.0% | -0.4% | ||
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Monthly Change for June
Provided by: Census Bureau June y/y -5.9% Annual Rate: $1,081.1 Billion Total residential construction decreased 1.7%, while total non-residential increased 0.4%. Total private construction was down 0.4%, while the public sector saw -0.2% in constrcution spending. The story is the same here as it has been for months. Residential construction is declining while non-residential industries are sustaining.
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Actual | Forecast | Previous | Revised Form | |
| -0.4% | -0.5% | -0.1% | -0.4% | ||
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Monthly Change for May
Provided by: Census Bureau Spending on construction fell 0.4% in May as residential construction spending fell 1.6% as it did in April. Non-residential construction spending increased 0.3%. Private sector spending dropped by 0.7%, versus a publich sector increase of 0.4% in May. Construction activity has shrank since December and shows no bottom yet. There is still a hefty inventory of unsold homes in the market. |
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Actual | Forecast | Previous | Revised Form | |
| -0.4% | -0.5% | -0.6% | -1.1% | ||
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Monthly Change for April
Provided by: Census Bureau Construction outlays continue to decline in April although at a less than expected rate. The residential sector saw the 2.1% decline in spending. This brings the annual figure to a decline of 20.8% since April 2007. The pace of slowing has decelerated somewhat as the housing market is to pick up a bit in the summer. However, this month's release showed that even government construction spending slowed, by 0.3%. The slowdown in the private residential sector continues to be the main drag, but the public sector, mostly non-residential, seems to be finally slowing as well. |
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Actual | Forecast | Previous | Revised Form | |
| -1.1% | -0.8% | -0.4% | -0.3% | ||
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Monthly Change for March
Provided by: Census Bureau Down 1.1%, total spending for construction decreased to an annual rate of $1.124trillion. The larger than expected decline mainly came from the residential sector, which was down 4.5% in March, and down 19.7% on the year. Non-residential spending increased 1.3% in March. Spring is suppose to be a recovery period for the housing market. So far this Spring, any signs of recovery have been short-lived, and the slowdown does not seem to be decelerating. Housing starts, building permits, pending home sales continue to tumble to historic lows. Economists and analysts are seeing no recovery until 2009. |
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Actual | Forecast | Previous | Revised Form | |
| -0.3% | -1.0% | -1.0% | -1.7% | ||
| Monthly Change for February | |||||
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Actual | Forecast | Previous | Revised Form | |
| -1.7% | -0.6% | -1.3% | -1.1% | ||
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Monthly Change for January
Release from the US Census Bureau Total construction has been in a freefall, with January marking the largest one month drop since 1994. The decline has hit private and residential buildings the hardest, while commercial and public constructions are still growing. |
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Actual | Forecast | Previous | Revised Form | |
| -1.1% | -0.5% | -0.4% | 0.1% | ||
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Monthly Change for December Official Release from The US Census Bureau This is the first monthly decline in construction levels since 1993. Although the main slowdown remains in the residential sector, the commercial sector is starting to see easing in as well and was not able to support the slack this month. Business construction showed some light and was up 1.3%. This was however off the 1.8% gain in November. Government building also surprisingly fell, by 1.5% after gaining 1.3% in November. |
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Actual | Forecast | Previous | Revised Form | |
| 0.1% | -0.4% | -0.8% | N/A | ||
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Monthly Change for November Nov 2007 y/y: -0.1% Release from U.S. Census Bureau Construction picked up in November and was estimated at a seasonally adjusted annual rate of $1.16 billion. The increase was driving by public sector building which grew 2.5% above the October estimate. Private construction offset these increases as it dipped 0.7% below October's estimated level. Residential construction saw the same split as public construction increased 1.1% offset by a 2.5% decrease in private residential construction. |
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