Construction Spending increased 0.1% in February - InvestingChannel

Construction Spending increased 0.1% in February

Earlier today, the Census Bureau reported that overall construction spending increased in February:

Construction spending during February 2018 was estimated at a seasonally adjusted annual rate of $1,273.1 billion, 0.1 percent above the revised January estimate of $1,272.2 billion. The February figure is 3.0 percent above the February 2017 estimate of $1,235.7 billion.

Private spending increased and public spending decreased in February:

Spending on private construction was at a seasonally adjusted annual rate of $982.0 billion, 0.7 percent above the revised January estimate of $974.8 billion. …

In February, the estimated seasonally adjusted annual rate of public construction spending was $291.1 billion, 2.1 percent below the revised January estimate of $297.4 billion.
emphasis added

Construction Spending Click on graph for larger image.

This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.

Private residential spending has been increasing, but is still 21% below the bubble peak.

Non-residential spending is 8% above the previous peak in January 2008 (nominal dollars).

Public construction spending is now 11% below the peak in March 2009, and 11% above the austerity low in February 2014.

Year-over-year Construction SpendingThe second graph shows the year-over-year change in construction spending.

On a year-over-year basis, private residential construction spending is up 5%. Non-residential spending is up 1% year-over-year. Public spending is up 2% year-over-year.

This was below the consensus forecast of a 0.5% increase for February, however spending for the previous two months was revised up.

Related posts

Idiocy in Spain: Bank Proposal to Build More Houses, Issue More Mortgages, Despite Massive Inventory and Enormous Drop in Sales

Mish Global Economic Trend Analysis

Sky City: China to Build World’s Tallest Building, 220 Stories, in 90 Days

Mish Global Economic Trend Analysis

It’s No Wonder People Don’t Understand the “Public” Debt

Angry Bear

EU Budget Laugh of the Day “No One Is Discussing Quality”

Mish Global Economic Trend Analysis

Via Barry Ritholtz’s  Big Picture comes this PBS six minute …

Angry Bear

Politics and Specific Policies

Angry Bear