Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending grew a mild 0.5 percent in September due to a 1.8 percent increase in residential construction, as nonresidential spending was unchanged over the month. Downward revisions left July with a deeper decline of 2.6 percent and flipped August’s 0.4 percent gain to a 0.2 percent drop. Private construction outlays were flat in September following four consecutive declines, as a 1.8 percent gain on the residential side was roughly offset out by a 1.6 percent drop on the nonresidential side. Public construction spending rose for a second straight month (by 1.3 percent), bumping year-over-year growth to 1.3 percent, positive for the first time since last September. Public outlays were led by transportation (up 5.1 percent), healthcare, and office construction. Overall, September−s report was a positive one, beating expectations for a 0.5 percent decline in total spending. However, the larger picture remains very weak, as clearly shown by the still-deeply-negative year-ago spending comparisons. Total spending is down 10.4 percent since September 2009, residential spending is down 5.3 percent, and nonresidential spending still sits way south, at −12.4 percent.