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Economy in Brief
U.S. Productivity Weakness Revised Little; Unit Labor Costs Still Firm
Productivity growth in the nonfarm business sector last quarter was revised to -0.2% at an annual rate (+1.5%) y/y...
U.S. Gasoline and Nat Gas Prices Fall While Crude Oil Prices Were Mixed
In the week ended December 9, retail gasoline prices edged down to $2.56 per gallon (+5.8% y/y)...
ZEW Assessments and Expectations Improve But Gain Less Markedly
The ZEW global macroeconomic assessments have improved along a broad front in December following a surge of improvement in November...
NABE Projections for Moderate Growth and Inflation Are Little Revised
The National Association for Business Economics expectations of 1.8% growth in real GDP during 2020...
German Trade Data Tell a Tale of Two Germanys
Germany's October trade report is better than expected...
by Tom Moeller January 3, 2018
The value of construction put-in-place increased 0.8% (2.6% y/y) during November following a 0.9% October increase, initially reported as 1.4%. September's 1.3% gain was stronger than reported earlier. A 0.7% gain in activity had been expected in the Action Economics Forecast Survey.
Private sector building activity rose 1.0% (2.7% y/y) as residential building activity also improved 1.0% (8.6% y/y). Single-family building activity rose 1.9% (9.2% y/y) but multi-family construction declined 1.3% (-2.7% y/y). The value of improvements rose 0.7% (12.2% y/y). Nonresidential building activity increased 0.9% (-3.6% y/y). Educational building rose 1.0% (-3.5% y/y) while transportation construction increased 3.7% (37.1% y/y). Office building strengthened 5.5% (-7.0% y/y), and commercial construction gained 1.5% (7.3% y/y). Power facility construction fell 1.1% (-11.6% y/y).
The value of public sector building activity nudged 0.2% higher (2.2% y/y). Office building eased 0.8% (+11.9% y/y). Educational building increased 3.8% (13.7% y/y) but highway & street construction eased 0.8% (-5.8% y/y). Conservation & development facility construction fell 9.4% (-7.0% y/y), while power plant construction increased 6.2% (+7.0% y/y).
The construction spending figures are in Haver's USECON database and the expectations reading is contained in the AS1REPNA database.
Construction Put in Place (SA, %) | Nov | Oct | Sep | Nov Y/Y | 2016 | 2015 | 2014 |
---|---|---|---|---|---|---|---|
Total | 0.8 | 0.9 | 1.3 | 2.6 | 6.5 | 10.7 | 11.0 |
Private | 1.0 | 0.1 | 0.9 | 2.7 | 9.2 | 12.9 | 14.8 |
Residential | 1.0 | 0.3 | 1.4 | 8.6 | 10.6 | 13.8 | 14.6 |
Nonresidential | 0.9 | -0.2 | 0.3 | -3.6 | 7.7 | 11.5 | 15.2 |
Public | 0.2 | 3.5 | 2.5 | 2.2 | -1.2 | 5.1 | 2.0 |