Tag Archives: construction

Rebound in Construction Spending Continues

Construction spending rose 0.8% in May and held most of April’s bounce-back. The April data were revised down a bit, but March revisions now show that we were already seeing a comeback from the worse-than-usual winter by early spring. Gains during the most recent month occurred in both the public and private sectors, but were [...]

New Home Sales Surge

New home sales accelerated to a 546,000-unit pace in May. This data not only beat expectations but also comes after a strong upward revision to April. Both the Northeast and West posted increases from April

Housing Starts Down, Permits Up

Housing starts plunged 11.1% to slightly above the million-unit mark in May, after a surge in April. The correction in May from the April spurt was expected and somewhat offset by upward revisions to the April data. The housing market was playing catch-up in April after a dismal winter.

Primer for May Employment Data

We are expecting nonfarm payrolls to rise by 205,000 in May, a little less than consensus. The private sector is expected to account for 200,000 of those gains, with state and local governments adding 5,000 jobs, mostly in education. The quality of new jobs for the month, however, is expected to improve as the demand [...]

Ray of Sunshine in Construction

Construction spending surged at a much faster-than-expected 2.2% pace in April after the data were revised up significantly for the month of March. This is among the most sensitive of sectors to unusually harsh winter weather (especially more snow than usual) and confirms that at least a small portion of the weakness we saw in [...]

Housing Starts Snap Back in April

Housing starts snapped back in April after dismal reports for February and March. Total starts last month grew at a 1.14 million-unit, annualized pace on top of an upward revision to the previous month. Gains were led by the Northeast region

Moderate Rebound in Employment

Payroll employment rebounded by 223,000 in April after being revised down for the month of March. The snapback was in places one would expect, such as construction and teachers at the state and local levels.

Construction Spending: Better than the Headline

Construction spending dropped 0.6% in March but was revised up a bit during the previous two months. Losses were concentrated in the public sector with a further pullback in spending at the state and local levels exacerbating losses at the federal level. Residential construction also retreated after better gains in January and February. The bright [...]

Housing Starts Disappoint Again

Housing starts for March came in below expectations, adding only 926,000. Even though the data improved from last month, it did not rebound as strongly as many hoped. February data were revised up but only by 11,000 to 908,000. Single-family starts were much the same, adding only 618,000, which is only 26,000 higher than February. [...]

March Moderation

Construction spending disappointed again in February, falling 0.1% from a downward revision to January data. Everything from the unusually snowy winter, which delayed some major projects, to a crimp in investment in public infrastructure accounted for the weakness. Indeed, losses were concentrated in the public sector.