Keeping you up to date on the latest data releases.
- Construction Spending
Total construction spending took a surprise dip in December, falling 2.5 percent against expectations for a 0.2 percent increase, and downward revision flipped November’s 0.4 percent gain to a 0.2 percent drop. Private residential outlays and public nonresidential outlays were jointly responsible for the bulk of December’s setback. Total private spending dropped 2.2 percent over the month, with residential outlays down 4.1 percent and nonresidential outlays down 0.5 percent. Meanwhile, nonresidential public spending dipped 2.6 percent, with the heaviest declines stemming from educational, highway and street, conservation and development, and office outlays. Total spending currently falls 6.4 percent below its level in December 2009. Private residential spending is 6.8 percent below its year-ago level, while the shortfall for private nonresidential spending is even larger, at 12.3 percent.