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Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
State Coincident Indexes in April 2022
State Labor Markets in April 2022
Profits & Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation and Fed Policy: A Relationship which Should Worry the Fed and Scare Investors
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 |