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Economy in Brief
U.S. Empire State Manufacturing Index Plummets in August; Lowest Since May '20
The Empire State Manufacturing Index of General Business Conditions plunged to -31.3 in August...
U.S. Import and Export Prices Fall in July; Deepest Since April 2020
Import prices fell 1.4% m/m (8.8% y/y) in July...
U.S. Housing Affordability Declines Further in June
The NAR Fixed Rate Mortgage Housing Affordability Index fell 3.6% in June...
EMU Output Makes Solid Gain in June
The European Monetary Union posted a 0.7% increase for industrial output in June...
U.S. Producer Prices Fall During July; Core Increase Weakens
The Producer Price Index for Final Demand fell 0.5% during July...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
by Tom Moeller November 1, 2005
The value of construction put in place matched Consensus expectations for the second month in a row and rose 0.5% in September following an upwardly revised 0.6% gain in August.
Private building activity increased 0.6%. Residential building jumped 1.0% as new single family building surged 1.4% (10.5% y/y) though the value of residential improvements fell 0.2% (-1.0% y/y), the seventh consecutive monthly decline.
Nonresidential building activity fell 0.3% after a 2.1% spike in August due to less commercial sector spending where auto industry outlays fell 4.4% (+9.6% y/y). Office construction surged 3.8% (12.2% y/y) after upwardly revised, small gains in the prior three months.
Public construction spending fell slightly due to a 0.9% (+19.7% y/y) decline 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 | Sept | Aug | Y/Y | 2004 | 2003 | 2002 |
---|---|---|---|---|---|---|
Total | 0.5% | 0.6% | 6.8% | 10.9% | 5.4% | 1.0% |
Private | 0.6% | 0.7% | 6.2% | 13.6% | 6.3% | -0.4% |
Residential | 1.0% | 0.1% | 8.2% | 18.2% | 12.9% | 8.5% |
Nonresidential | -0.3% | 2.1% | 1.4% | 3.9% | -5.4% | -13.0% |
Public | -0.0% | 0.4% | 9.0% | 2.5% | 2.7% | 5.7% |