February 1, 2018

December 2017 Construction Spending: Up 0.7 Percent, But November Revised Down Substantially

Filed under: Economy,Taxes & Government — Tom @ 7:33 pm

From the Census Bureau:

Construction spending during December 2017 was estimated at a seasonally adjusted annual rate of $1,253.3 billion, 0.7 percent (±1.0 percent)* above the revised November estimate of $1,245.1 billion. The December figure is 2.6 percent (±1.3 percent) above the December 2016 estimate of $1,221.6 billion. The value of construction in 2017 was $1,230.6 billion, 3.8 percent (±1.0 percent) above the $1,185.7 billion spent in 2016.

This isn’t good news, because November was pulled down in revisions from $1,257.1 billion to the $1,245.1 billion seen above. Today’s result doesn’t even get us back to where we thought we were in November’s report.

Bigger-picture, the 3.8 percent increase for calendar year 2017 is acceptable, but quite a bit lower than the 6.5 percent increase seen from 2015 to 2016. I think we expected more from a real estate developer-President, but it’s still early.

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