Global| Jul 02 2012U.S. Construction Spending Stabilizes
by:Tom Moeller
|in:Economy in Brief
Summary
The value of construction put-in-place rose 0.9% during May following a 0.6% April increase. Consensus expectations had been for a 0.2% rise and data back to January 2010 were revised. Private sector spending jumped 1.6% (13.1% y/y) [...]
The value of construction put-in-place rose 0.9% during May following a
0.6% April increase. Consensus expectations had been for a 0.2% rise and
data back to January 2010 were revised. Private sector spending jumped 1.6%
(13.1% y/y) after a 1.3% April increase. Residential building continued to
recover strongly and jumped 3.0% (7.5% y/y). Single-family construction
increased 1.8% (14.8% y/y) and multi-family building rose 6.3% (50.3%
y/y). The value of spending on improvements surged 3.6% (-3.4% y/y). In
the public sector, building activity slipped 0.4% (-3.9% y/y). Spending on
highways & streets, which is 29% of total public construction
spending, fell 0.5% (+1.6% y/y) while office building declined 4.9% (-11.4%
y/y). Educational building activity dropped 3.0% (-7.1% y/y) while
transportation ticked up 0.5% (-6.5% y/y).
The construction spending figures are in Haver's USECON database and the expectations figure is contained in the AS1REPNA database.
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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