Summary:
From the Census Bureau reported that overall construction spending increased:Construction spending during January 2021 was estimated at a seasonally adjusted annual rate of ,521.5 billion, 1.7 percent above the revised December estimate of ,496.5 billion. The January figure is 5.8 percent above the January 2020 estimate of ,437.7 billion.emphasis addedBoth private and public spending increased:Spending on private construction was at a seasonally adjusted annual rate of ,160.0 billion, 1.7 percent above the revised December estimate of ,140.9 billion. ...In January, the estimated seasonally adjusted annual rate of public construction spending was 1.5 billion, 1.7 percent above the revised December estimate of 5.5 billion. Click on graph for larger image.This graph shows
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From the Census Bureau reported that overall construction spending increased:From the Census Bureau reported that overall construction spending increased:Construction spending during January 2021 was estimated at a seasonally adjusted annual rate of ,521.5 billion, 1.7 percent above the revised December estimate of ,496.5 billion. The January figure is 5.8 percent above the January 2020 estimate of ,437.7 billion.emphasis addedBoth private and public spending increased:Spending on private construction was at a seasonally adjusted annual rate of ,160.0 billion, 1.7 percent above the revised December estimate of ,140.9 billion. ...In January, the estimated seasonally adjusted annual rate of public construction spending was 1.5 billion, 1.7 percent above the revised December estimate of 5.5 billion. Click on graph for larger image.This graph shows
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Construction spending during January 2021 was estimated at a seasonally adjusted annual rate of $1,521.5 billion, 1.7 percent above the revised December estimate of $1,496.5 billion. The January figure is 5.8 percent above the January 2020 estimate of $1,437.7 billion.Both private and public spending increased:
emphasis added
Spending on private construction was at a seasonally adjusted annual rate of $1,160.0 billion, 1.7 percent above the revised December estimate of $1,140.9 billion. ...
In January, the estimated seasonally adjusted annual rate of public construction spending was $361.5 billion, 1.7 percent above the revised December estimate of $355.5 billion.
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.
Residential spending is 5% above the bubble peak (in nominal terms - not adjusted for inflation).
Non-residential spending is 8% above the previous peak in January 2008 (nominal dollars), but has been weak recently.
Public construction spending is 1% above the previous peak in March 2009, and 38% above the austerity low in February 2014.
The second graph shows the year-over-year change in construction spending.On a year-over-year basis, private residential construction spending is up 21.0%. Non-residential spending is down 10.1% year-over-year. Public spending is up 6.8% year-over-year.
Construction was considered an essential service in most areas and did not decline sharply like many other sectors, but it seems likely that non-residential will be under pressure. For example, lodging is down 23% YoY, multi-retail down 31% YoY, and office down 4% YoY.
This was well above consensus expectations of a 0.7% increase in spending, and construction spending for the previous two months was revised up slightly. A strong report.