Recent Updates

  • Korea: First 20 Days of Trade (Oct)
  • Japan: Senior Loan Officer Opinion Survey (Q3)
  • Thailand: State Enterprise Budget Plan Summary (Aug)
  • China: 70-City Property Prices, CPI by Region (Sep), Capacity Utilization, GDP (Q3)
  • US: Regional Retail Sales (Sep)
  • Spain: Motor Vehicle Registrations (Sep)
  • more updates...

Economy in Brief

U.S. Construction Spending Eases in November
by Carol Stone  January 2, 2015

The value of construction put-in-place decreased 0.3% (2.4% y/y) during November after a 1.2% advance in October, revised from 1.1%; the September move was revised more noticeably, to a 0.6% increase from a 0.1% decline. The November decline contrasted with expectations for a 0.3% increase in the Action Economics Forecast Survey.

Private sector construction outlays increased 0.3% in November (2.0% y/y), after October's 0.5% rise. Residential building activity advanced 0.9%, the same as October's revised gain, originally shown as 1.3%. New single-family building grew 1.0% (12.5% y/y), and multi-family building increased 0.8% (27.2% y/y). Spending on improvements rose 0.7% in November (-24.6% y/y). Nonresidential building activity was down 0.3% (+4.7% y/y), after October's 0.1% rise, revised from a 0.1% decrease. There were gains in power facility construction, 2.4% (-3.7% y/y), transportation facilities, 1.8% (+6.5% y/y) and communications infrastructure, 0.9% (-17.7% y/y). Education and manufacturing were largely unchanged at +0.1% (6.5% y/y for education and 21.1% y/y for factory building). There were declines in health care buildings, 4.1% (-7.8% y/y), amusement and recreation projects, also 4.1% (+0.4% y/y), office buildings, 2.1% (17.5% y/y) and commercial construction, 1.8% (+8.9% y/y).

Building in the public sector retreated anew in November, by 1.7% (+3.2% y/y), after October's positive 2.8%, revised from 2.3% reported initially. The public nonresidential segment saw, among major categories, declines in education, 2.5% (+2.3% y/y), water facilities, 1.7% (-1.6% y/y) and transportation facilities, 1.1% (+4.9% y/y). There were gains, though, in sewer and waste disposal, 2.7% (+14.1% y/y) and highways and streets, 0.3% (5.5% 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 (%) Nov Oct Sep Y/Y 2013 2012 2011
Total -0.3 1.2 0.6 2.4 5.7 9.2 -2.1
  Private 0.3 0.5 1.1 2.0 10.1 16.0 -0.1
    Residential 0.9 0.9 0.1 -0.5 20.4 14.4 1.9
    Nonresidential -0.3 0.1 2.2 4.7 0.6 17.5 -1.8
  Public -1.7 2.8 -0.9 3.2 -3.5 -2.8 -5.4
close
large image