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Construction spending
during March 2019 was estimated at a seasonally adjusted annual rate (SAAR) of
$1,282.2 billion, 0.9% (±1.0%)* below the revised February estimate of $1,293.3
billion (originally $1,320.3 billion); consensus expectations
were for +0.2%. The March figure is 0.8% (±1.5%)* below the March 2018 SAAR of
$1,293.1 billion; the not-seasonally adjusted YoY change (shown in the table
below) was -0.5%.
During
the first three months of this year, construction spending amounted to $277.7
billion, 0.2% (±1.3%)* below the $278.3 billion for the same period in 2018.
* 90% confidence interval includes zero. The
U.S. Census Bureau does not have sufficient statistical evidence to conclude
that the actual change is different from zero.
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Private Construction
Spending
on private construction was at a SAAR of $961.5 billion, 0.7% (±0.7%)* below
the revised February estimate of $968.6 billion (originally $994.5 billion).
- Residential: $500.9 billion, 1.8% (±1.3%) below the revised February estimate of $510.1 billion.
- Nonresidential: $460.6 billion, 0.5% (±0.7%)* above the revised February estimate of $458.5 billion.
- Residential: $500.9 billion, 1.8% (±1.3%) below the revised February estimate of $510.1 billion.
- Nonresidential: $460.6 billion, 0.5% (±0.7%)* above the revised February estimate of $458.5 billion.
Public Construction
Public
construction spending was $320.7 billion, 1.3% (±2.0%)* below the revised
February estimate of $324.7 billion (originally $325.8 billion).
- Educational: $76.6 billion, 1.5% (±3.5%)* below the revised February estimate of $77.8 billion.
- Highway: $104.5 billion, 1.9% (±5.8%)* below the revised February estimate of $106.5 billion.
- Educational: $76.6 billion, 1.5% (±3.5%)* below the revised February estimate of $77.8 billion.
- Highway: $104.5 billion, 1.9% (±5.8%)* below the revised February estimate of $106.5 billion.
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Click
here
for a discussion of March’s new residential permits, starts and completions.
Click here
for a discussion of new and existing home sales, inventories and prices.
The foregoing comments represent the
general economic views and analysis of Delphi
Advisors, and are provided solely for the purpose of information, instruction
and discourse. They do not constitute a solicitation or recommendation
regarding any investment.
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