Along Calculated risk of 1/04/2021 10:13:00 AM
From the Census Bureau report Its overall construction cost has increased:
Construction spending in November 2020 was estimated at an annually adjusted $ 1,459.4 billion. 0.9% above the revised October estimate $ 1,446.9 billion. The November figure is 3.8 percent above the November 2019 estimate of $ 1,405.5 billion.
Private spending has increased and public spending has decreased:
Private construction spending is seasonally adjusted at an annual rate of $ 1,111.8 billion, 1.2% above the October revised estimate of $ 1,998.6 billion. …
The seasonally adjusted annualized estimate of public construction spending in November was $ 347.6 billion, 0.2% below the revised estimate of $ 348.3 billion in October.
This graph shows private and non-residential construction spending and public spending since 1993. Note: Nominal dollar, no inflation adjustment.
Housing spending is 3% below its previous peak.
Non-residential spending is 9% above its previous peak (nominal dollar) in January 2008, but has recently weakened.
Public construction spending was 7% above the previous peak in March 2009 and 33% above the austerity in February 2014.
Private housing construction spending increased 16.1% year-on-year. Non-residential spending is down 9.5% year-on-year. Public spending is up 3.1% year-on-year.
Construction is considered an essential service in most areas and has not declined as sharply as in many other sectors, but non-residential and public spending (due to disaster relief) can be under pressure. there is. For example, accommodations are down 27% year-on-year, multi-retail is down 21% year-on-year, and offices are down 7% year-on-year...
This is a consensus expectation that spending will increase by 0.9%, with construction spending over the last two months revised slightly.
Construction costs up 0.9% in November
http://feedproxy.google.com/~r/CalculatedRisk/~3/I3fyOvDdUQU/construction-spending-increased-09-in.html Construction costs up 0.9% in November