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Economy in Brief

U.S. Construction Spending Continues to Strengthen
by Tom Moeller  October 23, 2013

The value of construction put-in-place gained 0.6% in August (7.1 y/y) following an upwardly revised 1.4% July jump, double the rise reported initially. A 0.5% rise in building activity had been expected.

Private sector construction activity increased 0.7% (11.5% y/y) in August led by a 1.2% jump (18.7% y/y) in residential building. Multi-family building surged 3.2% (37.5% y/y) while single-family building jumped 1.6% (28.2% y/y). Spending on improvements nudged up 0.2% (5.5% y/y). Nonresidential building activity ticked 0.1% higher (4.3% y/y).

The value of public sector building activity increased 0.4% (-1.8% y/y). Spending on amusements & recreation gained 8.1% (-6.6 y/y) while highways & streets spending ticked up 0.1% (-1.0% y/y). A 13.3% decline (-26.1% y/y) in commercial spending was accompanied by a 1.3% drop (-6.1% y/y) in educational building.

The construction spending figures are in Haver's USECON database and the expectations figure is contained in the AS1REPNA database.

Construction Put in Place (%) Aug Jul Jun Y/Y 2012 2011 2010
Total 0.6 1.4 0.1 7.1 8.1 -1.9 -11.2
  Private 0.7 1.9 -0.4 11.5 14.4 0.2 -15.2
    Residential 1.2 0.3 1.1 18.7 14.6 1.9 -2.9
    Nonresidential 0.1 3.7 -2.2 4.3 14.3 -1.4 -24.0
  Public 0.4 0.1 1.4 -1.8 -2.9 -5.4 -3.6
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