Sources: U.S. Census Bureau; CP staff
The U.S. Census Bureau calculates the value of 2016 construction at $1.16 trillion, about 4.5 percent above the prior year’s $1.11 trillion total. The growth rate in spending eclipsed another principal metric: cement consumption, which Portland Cement Association pegged at 2.7 percent higher last year than in 2015. The variance reflects flat or lagging infrastructure project activity, where cement and concrete represent a higher slice of each dollar when compared to buildings.
Sources: Associated Builders & Contractors, Washington, D.C.; CP staff
Nonresidential construction fell for a second consecutive month. An ABC analysis of U.S. Census Bureau data shows seasonally adjusted, annualized spending of $687 billion in August, 1.1 percent and 1.3 percent lower than prior month and August 2015 levels, respectively. Four of the five largest nonresidential subsectors—power, highway and street, commercial and manufacturing—combined to fall 2.2 percent on a monthly basis in August 2016.
Source: National Association of Home Builders, Washington, D.C.
Nationwide housing starts surpassed one million in September, the third time this year, according to U.S. Department of Housing and Urban Development and Census Bureau figures. Total housing production during the month rose 6.3 percent to a seasonally adjusted annual rate of 1.017 million units.