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Economy in Brief
NABE Projects Firm Growth in 2022, as in 2021
The NABE expects 4.0% real GDP growth in 2022 following a 4.8% rise during 2021...
U.S. Construction Spending Strengthens Again in January
Building activity continues to strengthen...
Manufacturing PMIs Are Strengthening More in the Developed World
PMIs largely are improving in February...
U.S. Personal Income & Spending Surge With Stimulus Payments in January
Personal income jumped 10.0% (13.1% y/y) last month...
Chicago Business Barometer Declines Sharply in February
The ISM-Chicago Purchasing Managers Business Barometer fell 4.3 points in February to 59.5...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller October 3, 2005
The value of construction put in place matched Consensus expectations and rose 0.4% in August following an upwardly revised 0.3% July gain.
Private building activity rose 0.4% led by a 0.8% gain in nonresidential building. Lodging building rose a strong 3.2% (-8.3% y/y) and multi-retail building added 1.6% (30.7% y/y) to the 12.5% spike in July. Office construction fell 1.1% (+4.2% y/y) for the third decline in the last four months.
Residential building rose 0.2% as new single family building increased 0.3% (7.5% y/y) for the second consecutive month. The value of residential improvements rose a modest 0.4% (-0.4% y/y) but the value is off 14.3% from the February peak.
Public construction spending rose 0.5% following upwardly revised gains during prior months led by a 1.4% (14.9% y/y) jump in construction activity on highways & streets, nearly one third of the value of public construction spending.
These more detailed categories represent the Census Bureaus reclassification of construction activity into end-use groups. Finer detail is available for many of the categories; for instance, commercial construction is shown for Automotive sales and parking facilities, drugstores, building supply stores, and both commercial warehouses and mini-storage facilities. Note that start dates vary for some seasonally adjusted line items in 2000 and 2002 and that constant-dollar data are no longer computed.
Construction Put-in-place | Aug | July | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Total | 0.4% | 0.3% | 6.1% | 10.9% | 5.4% | 1.0% |
Private | 0.4% | 0.1% | 5.3% | 13.6% | 6.3% | -0.4% |
Residential | 0.2% | 0.0% | 5.9% | 18.2% | 12.9% | 8.5% |
Nonresidential | 0.8% | 0.4% | 3.7% | 3.9% | -5.4% | -13.0% |
Public | 0.5% | 0.6% | 9.2% | 2.5% | 2.7% | 5.7% |