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Economy in Brief
U.S. New Home Sales and Prices Strengthen
Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
U.S. FHFA House Price Index Continues to Strengthen
The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
Italian Confidence Backtracks But Remains High-Valued As It Is for France and Germany
From Q1 2008 to date, Italian GDP actually has failed to grow and has declined by 5.8%...
U.S. Existing Home Sales & Prices Rise Again
The NAR reported that sales of existing homes increased 1.1% during March (-1.2% y/y) to 5.600 million units (AR)...
by Tom Moeller December 2, 2014
The value of construction put-in-place recovered 1.1% (3.3% y/y) during October following a 0.1% September slip, revised from -0.4%. Despite the latest gain, forward momentum continued to fade. The increase exceeded expectations for a 0.6% rise in the Action Economics Forecast Survey.
Private sector construction outlays increased 0.6% in October and y/y growth improved to 4.0%. Residential building activity gained 1.3% (1.9% y/y) but remained 2.8% below the January peak. Single-family building grew 1.8% (13.2% y/y) and multi-family building increased 1.0% (27.2% y/y). Spending on improvements rose 0.6% (-19.2% y/y), the first monthly gain since December. Nonresidential building activity slipped 0.1% (+6.4% y/y). A 2.6% decline (+9.3% y/y) in commercial building offset a 0.8% gain (20.9% y/y) in office building. Educational building was roughly unchanged (-5.2% y/y) but amusements & recreation construction jumped 1.0% (-5.2% y/y).
Building in the public sector recovered 2.3% (1.5% y/y) following two months of decline. The rise lifted activity 6.9% from its December low. A 2.4% rise (+1.8% y/y) in nonresidential building reflected an 8.1% increase (-2.0% y/y) in office construction. Educational building gained 2.2% (6.1% y/y) and highways & streets construction improved 1.1% (-0.1% y/y).
The construction spending figures are in Haver's USECON database and the expectations figure is contained in the AS1REPNA database.
Construction Put in Place (%) | Oct | Sep | Aug | Y/Y | 2013 | 2012 | 2011 |
---|---|---|---|---|---|---|---|
Total | 1.1 | -0.1 | 0.1 | 3.3 | 5.7 | 9.2 | -2.1 |
Private | 0.6 | 0.5 | 0.2 | 4.0 | 10.1 | 16.0 | -0.1 |
Residential | 1.3 | 0.8 | -0.8 | 1.9 | 20.4 | 14.4 | 1.9 |
Nonresidential | -0.1 | 0.2 | 1.3 | 6.4 | 0.6 | 17.5 | -1.8 |
Public | 2.3 | -1.6 | -0.2 | 1.5 | -3.5 | -2.8 | -5.4 |