Recent Updates

  • China: U.S.-China Trade Deal (Aug)
  • Vietnam: BOP (Q2)
  • US: New Residential Sales, Final Building Permits (Aug)
  • Belgium: Business Surveys (Sep)
  • more updates...

Economy in Brief

U.S. Construction Spending Improves Slightly in April
by Tom Moeller  June 1, 2021

• Residential building remains strong.

• Private nonresidential & public sector building drop again.

The value of construction put-in-place improved 0.2% (9.8% y/y) during April following a 1.0% March rise, revised from 0.2%. A 0.6% April increase had been expected in the Action Economics Forecast Survey.

Private construction rose 0.4% (13.9% y/y) in April after a 1.5% gain. Residential construction gained 1.0% (29.7% y/y) as single-family building rose 1.3% (39.6% y/y) after a 2.3% increase. Multi-family building surged 1.9% (27.1% y/y) after gaining 1.1%. Home improvement expenditures improved 0.3% (16.7% y/y) after strengthening 3.6% in March.

Nonresidential construction declined 0.5% in April (-4.8% y/y) after easing 0.1% in March. Transportation building weakened 5.4% (-3.4% y/). Lodging construction held fairly steady (-21.8% y/y) but education construction declined 0.9% (-7.7% y/y). Commercial building improved 0.4% (-1.3% y/y) while office building rose 0.2% (-1.6% y/y).

The value of public construction fell 0.6% during April (-2.2% y/y). It was the fourth consecutive monthly decline. Spending on highways & streets, which makes up nearly one-third of public spending, improved 0.6% (-2.7% y/y) but outlays on health care units improved 0.5% (9.9% y/y). Power construction rose 3.2% (5.7% y/y).

The construction spending figures, some of which date back to 1946 can be found in Haver's USECON database. The expectations reading is in the AS1REPNA database.

Construction Put in Place (SA, %) Apr Mar Feb Apr Y/Y 2020 2019 2018
Total 0.2 1.0 -0.8 9.8 4.7 2.3 4.1
  Private 0.4 1.5 -0.6 13.9 4.6 0.6 4.0
    Residential 1.0 2.6 -1.2 29.7 11.3 -2.5 3.5
    Nonresidential -0.5 -0.1 0.5 -4.8 -2.9 4.4 4.7
  Public -0.6 -1.0 -1.6 -2.2 5.2 8.0 4.4
close
large image