April 4, 2018

February 2018 Construction Spending: Up 0.1 Percent; January Revised Up Considerably

Filed under: Economy,Taxes & Government — Tom @ 9:10 am

From the Census Bureau on Monday:

Construction spending during February 2018 was estimated at a seasonally adjusted annual rate of $1,273.1 billion, 0.1 percent (±1.2 percent)* above the revised January estimate of $1,272.2 billion. The February figure is 3.0 percent (±1.5 percent) above the February 2017 estimate of $1,235.7 billion. During the first two months of this year, construction spending amounted to $176.3 billion, 4.4 percent (±1.3 percent) above the $168.9 billion for the same period in 2017.

The 0.1 percent increase isn’t impressive, but it may continuing an annoying general (but not universal) pattern of small initial reported increases followed by major upward revisions.

Monday’s report revised January’s originally reported $1.262.8 billion, barely above December’s $1,262.7 billion, up to $1,272.2 billion, meaning that instead of no change in January, there was a 0.7 percent increase.

December’s original $1,253.3 billion was revised up to the $1,262.7 billion seen a month ago, changing an originally reported 0.7 percent increase from November’s $1,245.1 billion to 1.4 percent.

November didn’t have the same problem, but several other previous months in 2017 did.

February’s raw amount of construction added of $88.280 billion was 3.7 percent above February 2017′s $85.095 billion.

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