US Macro Updates

The One Stop Portal for US Macroeconomic Data. Simplified and Summarized! 

We simplify and summarize key data so that you don’t have to spend hours reading confusing and long media releases. Read key economic releases and major events here in under 2 minutes. And we will explain the key takeaway for you. Stay informed and form a robust view on macroeconomic matters to aid your successful investment decisions

Construction Spending

4th Aug 2026 NEW

Key takeaway: Construction spending is a broad measure of investment in structures, capturing outlays across residential, nonresidential, and public projects, making it one of the more comprehensive gauges of both private and government commitment to physical capital. It feeds directly into GDP through the fixed investment component, meaning sustained momentum in construction activity provides a meaningful lift to overall economic output. Over the past one to two years, total construction spending has generally trended higher, supported by ongoing infrastructure investment linked to federal legislation, resilient nonresidential activity in manufacturing and data centre construction, and a residential sector that has navigated elevated mortgage rates with mixed but broadly positive results. The marginal decline of 0.09% recorded in June 2026, bringing the total to 2166.54 billion dollars, is a notably small move and does not in isolation signal a meaningful deterioration in the sector’s trajectory. At this level, spending remains historically elevated, suggesting the broader investment cycle is still constructive even if the pace of expansion has moderated. For the construction labour market, a near-flat monthly reading implies little immediate pressure on employment or wages, as contractors are unlikely to meaningfully adjust headcount on the basis of such a modest pullback. Overall, the June data point to a sector that is consolidating rather than contracting, and warrants watching in coming months to determine whether this softness is transitory or the beginning of a more sustained deceleration.

Total Construction Spending decreased 0.09% in Jun to 2166.54bn.

1st Jul 2026 NEW

Key takeaway: Construction spending is a broad measure of investment activity in structures, capturing outlays across residential, nonresidential, and public projects, making it one of the more comprehensive gauges of both private and government commitment to physical infrastructure. It feeds directly into GDP through the fixed investment component, meaning sustained growth or contraction in construction spending has a measurable and relatively prompt effect on overall economic output. Over the past one to two years, total construction spending has maintained a generally upward trajectory, supported by ongoing public infrastructure programmes and resilient nonresidential private investment even as higher borrowing costs weighed on parts of the residential sector. The May 2026 reading of 2210.21 billion represents a modest 0.14% gain on the month, signalling that momentum in construction activity remains positive but has moderated, consistent with a mature expansion phase rather than an accelerating one. For economic growth, this incremental advance suggests fixed investment in structures will continue to make a small but supportive contribution to second-quarter GDP. On the labour market side, even tepid growth in spending tends to sustain demand for construction workers, keeping employment in the sector relatively stable and limiting any near-term risk of significant job losses. Overall, the data point to a construction sector that is holding its ground rather than driving outsized growth, which aligns with a broader picture of gradual economic expansion.

Total Construction Spending increased 0.14% in May to 2210.21bn.

Total Construction Spending – May 2026: +0.14% (2,210.21bn)

2nd Jun 2026 NEW

Key takeaway: The latest U.S. construction spending report pointed to a picture of modest overall growth but increasing divergence beneath the surface. Total construction spending rose 0.1% month-on-month in May, in line with expectations, as a 0.5% increase in public construction offset weakness in private non-residential activity. Manufacturing construction continued to cool, falling 1.3% on the month as spending on large semiconductor and factory projects moderated from exceptionally high levels. Meanwhile, power construction remained near record highs, supported by ongoing investment in AI-related data centres and electricity infrastructure, although spending edged slightly lower during the month. Residential activity was mixed, with gains driven mainly by home improvements while new single-family construction remained subdued amid elevated mortgage rates. Overall, the report suggests that U.S. construction activity is being increasingly supported by public infrastructure and AI-related investment, even as more interest rate-sensitive sectors such as housing and traditional commercial construction remain under pressure.

Total Construction Spending – May 2026: +0.10% (2,210.20bn)

8th May 2026 NEW

Key takeaway: Construction spending is a broad measure of total outlays on new structures and improvements, encompassing both private residential and nonresidential projects as well as federal, state, and local government investment in public infrastructure. Because spending on structures feeds directly into the fixed investment component of GDP, sustained growth in this series provides a tangible lift to overall economic output and helps anchor near-term growth forecasts. Over the past one to two years, total construction spending has demonstrated a broadly upward trajectory, supported by resilient nonresidential activity in manufacturing and data centre development alongside a gradual stabilisation in residential building as mortgage rate pressures have partially eased. The 0.56% month-on-month gain recorded in March 2026, bringing the headline figure to 2185.46 billion dollars, suggests that momentum in the sector remains intact heading into the second quarter. For the broader economy, this reading points to continued capital deployment in structures, which should lend modest positive support to Q2 GDP through the private and government fixed investment channels. The construction labour market is also likely to benefit, as sustained spending at elevated levels keeps demand for skilled tradespeople, engineers, and project managers firm. Taken together, the March data offer reassurance that construction activity has not meaningfully softened despite ongoing financing cost pressures, keeping the sector a constructive contributor to economic expansion.

Total Construction Spending increased 0.56% in Mar to 2185.46bn.

Total Construction Spending – March 2026: +0.56% (2,185.46bn)

23rd Mar 2026

Key takeaway: The US Census Bureau’s Monthly Construction Spending report for January 2026, released on March 23, came in weaker than expected. Total construction spending declined 0.3% month-on-month to a seasonally adjusted annual rate of $2.19 trillion, following a revised 0.8% increase in December 2025 and missing market expectations of a 0.1% rise. The softness was concentrated in the private sector: private construction fell 0.6% to $1.66 trillion, with residential construction down 0.8% and nonresidential slipping 0.4%. The residential decline was driven by lower spending across single-family, multifamily, and home improvement activity, though total residential spending remained 2.3% higher than a year ago. Manufacturing construction was a particular sore spot — it fell another 2% in January and has now plunged 18% below the peak hit in mid-2024, slumping from its post-CHIPS Act high. On a year-over-year basis, manufacturing construction was down a steep 15%, making it the largest drag on private nonresidential spending, with analysts attributing the decline largely to a sharp pullback in computer and electronic manufacturing plant investment. Public construction provided a partial offset, rising 0.6% to $529.2 billion, led by a 3.3% surge in highway construction. The broader picture, as summed up by the Associated General Contractors of America, is one where rising costs and uncertainty over tariffs, the Middle East conflict, and a slowing economy are leading to project slowdowns and cancellations, with data centers and residential improvements the only private categories bucking the trend.   

27th Feb 2026

Key takeaway: (Delayed release due to govt shutdown) Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.169 Tn in December, 0.3% above the November estimate of $2.163 Tn. Construction spending data from the Census Bureau is one of the most delayed statistics on account of the October 2025 government shutdown. Construction spending gives a picture of cyclical industry spending like residential real estate and manufacturing which often is a leading indicator of the overall economy. In fact, cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. However, the trend over the past 12-15 months is visibly lower. Whether this slowdown in construction spending continues and results in an increase in construction unemployment will be key to watch. Private residential construction increased 1.5% m-o-m and was down 1.3% y-o-y. New Single Family construction was up 1.6% m-o-m and down 3.6% y-o-y. New Multi Family construction was up 0.1% m-o-m and was up 2.9% y-o-y. There has been a glut of inventory building in the New Homes segment. There had been concerns about a slowdown in residential construction and consequently residential employment. However, that slowdown, at least in construction employment, has not materialized yet. Building permits and housing starts, though significantly lower than a couple of years back, have not yet collapsed. However, new residential construction is significantly lower over last year. Finally, Manufacturing spend decreased 2.5% m-o-m and was down 11% over last year. Y-o-y growth in manufacturing spend has turned negative in the past 6-9 months, the first since March 2021.      

21st Jan 2026

Key takeaway: (Delayed release due to govt shutdown) Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.175 Tn in October, 0.5% above the September estimate of $2.164 Tn. Construction spending data from the Census Bureau is one of the most delayed statistics on account of the October 2025 government shutdown. Construction spending gives a picture of cyclical industry spending like residential real estate and manufacturing which often is a leading indicator of the overall economy. In fact, cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. However, the trend over the past 9-12 months is visibly lower. Whether this slowdown in construction spending continues and results in an increase in construction unemployment will be key to watch. Private residential construction increased 1.3% m-o-m and was down 1.3% y-o-y. New Single Family construction was down 1.3% m-o-m and down 6.1% y-o-y. New Multi Family construction was down 0.2% m-o-m and was down 2.8% y-o-y. There has been a glut of inventory building in the New Homes segment. There had been concerns about a slowdown in residential construction and consequently residential employment. However, that slowdown, at least in construction employment, has not materialized yet. Building permits and housing starts, though significantly lower than a couple of years back, have not yet collapsed. However, new residential construction is significantly lower over last year. Finally, Manufacturing spend decreased 1.0% m-o-m and was down 9.6% over last year. Y-o-y growth in manufacturing spend has turned negative in the past 6-9 months, the first since March 2021.      

17th Nov 2025

Key takeaway: (Delayed release due to govt shutdown) Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.169 Tn in August, 0.2% above the upwardly revised July estimate of $2.165 Tn. Cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. However, the trend over the past 6-9 months is visibly lower. Whether this slowdown in construction spending continues and results in an increase in construction unemployment will be key to watch. Private residential construction increased 0.8% m-o-m and was down 2.0% y-o-y. New Single Family construction was down 0.4% m-o-m and down 1.1% y-o-y. New Multi Family construction was up 0.2% m-o-m and was down 7.1% y-o-y. There has been a glut of inventory building in the New Homes segment. There had been concerns about a slowdown in residential construction and consequently residential employment. However, that slowdown, at least in construction employment, has not materialized yet. Building permits and housing starts, though significantly lower than a couple of years back, have not yet collapsed. However, new residential construction is significantly lower over last year. Post the government reopening we will also shortly get housing starts and building permits data for September and October. That will also help corroborate whether there is an ongoing weakness in residential contruction. Finally, Manufacturing spend decreased 0.9% m-o-m and was down 8.2% over last year. Y-o-y growth in manufacturing spend has turned negative in the past 6 months, the first since March 2021.      

2nd Sep 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.139 Tn in July, 0.1% below the upwardly revised June estimate of $2.140 Tn. Cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. However, the trend over the past 6-9 months is visibly lower. Whether this slowdown in construction spending continues and results in an increase in construction unemployment will be key to watch. Private residential construction increased 0.1% m-o-m and was down 5.3% y-o-y. New Single Family construction was up 0.1% m-o-m and down 2.1% y-o-y. New Multi Family construction was down 0.4% m-o-m and was down 9.4% y-o-y. There has been a glut of inventory building in the New Homes segment. There had been concerns about a slowdown in residential construction and consequently residential employment. However, that slowdown, at least in construction employment, has not materialized yet. Building permits and housing starts, though significantly lower than a couple of years back, have not yet collapsed. Finally, Manufacturing spend decreased 0.7% m-o-m and was down 6.6% over last year. Y-o-y growth in manufacturing spend has turned negative in the past 5 months, the first since March 2021.      

1st Aug 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.136 Tn in June, 0.4% below the upwardly revised May estimate of $2.143 Tn. Cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. However, the trend over the past 6-9 months is visibly lower. Construction data prints for the past 4 months have consistently come in below consensus expectations. Whether this slowdown in construction spending continues and results in an increase in construction unemployment will be key to watch. Private residential construction decreased 0.6% m-o-m and was down 6.2% y-o-y. New Single Family construction was down 1.8% m-o-m and down 5.3% y-o-y. New Multi Family construction was mostly flat m-o-m and was down 9.5% y-o-y. There has been a glut of inventory building in the New Homes segment. There had been concerns about a slowdown in residential construction and consequently residential employment. However, that slowdown, at least in construction employment, has not materialized yet. Building permits and housing starts, though significantly lower than a couple of years back, have not yet collapsed. Finally, Manufacturing spend decreased 0.5% m-o-m and was down 5.9% over last year. Y-o-y growth in manufacturing spend has turned negative in the past 4 months, the first since March 2021.      

1st Jul 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.138 Tn in May, 0.3% below the downwardly revised April estimate of $2.145 Tn. Cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. However, the trend over the past 6-9 months is visibly lower and whether this slowdown in construction spending continues and results in an increase in construction unemployment will be key to watch. Private residential construction decreased 0.5% m-o-m and was down 5.4% y-o-y. New Single Family construction was down 1.8% m-o-m and down 4.5% y-o-y. New Multi Family construction was mostly flat m-o-m and was down 11% y-o-y. There has been a glut of inventory building in the New Homes segment. There had been concerns about a slowdown in residential construction and consequently residential employment. However, that slowdown, at least in construction employment, has not materialized yet. Building permits and housing starts, though significantly lower than a couple of years back, have not yet collapsed. Finally, Manufacturing spend decreased 0.2% m-o-m and was down 3.7% over last year. Y-o-y growth in manufacturing spend has turned negative in the past 3 months, the first since March 2021.      

2nd Jun 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.152 Tn in April, 0.4% below the downwardly revised March estimate of $2.162 Tn. Cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. Private residential construction decreased 0.9% m-o-m and was down 4.8% y-o-y. New Single Family construction was down 1.1% m-o-m and down 2.2% y-o-y. New Multi Family construction was mostly flat m-o-m and was down 11% y-o-y. There has been a glut of inventory building in the New Homes segment. There had been concerns about a slowdown in residential construction and consequently residential employment. However, that slowdown has not materialized yet. Building permits and housing starts, though significantly lower than a couple of years back, have not yet collapsed. Finally, Manufacturing spend decreased 0.6% m-o-m and was up 0.3% over last year.     

1st May 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.196 Tn in March, 0.5% below the upwardly revised February estimate of $2.206 Tn. Cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. At US$2.196Tn, construction spend is still 2.8% up y-o-y. Non residential construction decreased 0.5% m-o-m in March and was up 2.8% y-o-y. Private residential construction decreased 0.4% m-o-m and was up 2.8% y-o-y. New Single Family construction was up 0.1% m-o-m and down 0.8% y-o-y. New Multi Family construction was flat 0.0% m-o-m and was down 12.1% y-o-y. Housing starts and building permits data had been soft through most of 2H 2024. However, housing construction data has stabilized and in fact improved over the past 3-4 months. There had been concerns about a slowdown in residential construction and consequently residential employment. However, that slowdown has not materialized yet. Finally, Manufacturing spend decreased 0.4% m-o-m and was up 3.6% over last year. Overall, while most categories decreased on a m-o-m basis, that was mostly because the previous month’s data was revised upwards.    

1st Apr 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.196 Tn in February, 0.7% above the downwardly revised January estimate of $2.180 Tn. Cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. At US$2.196Tn, construction spend is still 2.9% up y-o-y. Non residential construction increased 0.3% m-o-m in February and was up 3.9% y-o-y. Private residential construction increased 1.3% m-o-m and was up 1.6% y-o-y. New Single Family construction was up 1.0% m-o-m and down 0.1% y-o-y. New Multi Family construction was flat 0.0% m-o-m and was down 11.6% y-o-y. Housing starts and building permits data has also been soft through most of 2H 2024, though there have been some signs of stabilisation in the past few months. Finally, Manufacturing spend increased 0.1% m-o-m and was up 4.8% over last year.   

3rd Mar 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.192 Tn in January, 0.2% below the upwardly revised December estimate of $2.195 Tn. Cyclical sectors of the economy warrant closer attention during inflexion points in the economic cycle. Many market participants believe the economy is turning into a deeper downtrend. Hence, observing trends in construction spend becomes critical to making an assessment on the future of the economy. Overall construction numbers, though softer in the recent past, are still relatively resilient. At US$2.92Tn, construction spend is still 3.3% up y-o-y. Non residential construction decreased 0.5% m-o-m in January but was still up 3.2% y-o-y. Private residential construction decreased 0.4% m-o-m, but once again was still 3.1% up y-o-y. New Single Family construction was up 0.6% m-o-m and down 0.9% y-o-y. New Multi Family construction declined 0.7% m-o-m and was down 12% y-o-y. Housing starts and building permits data has also been soft through most of 2H 2024, though there have been some signs of stabilisation in the past couple of months. Finally, Manufacturing spend decreased 0.3% m-o-m but was still up 5.7% over last year.   

3rd Feb 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.192 Tn in December, 0.5% above the upwardly revised November estimate of $2.180 Tn. Construction spending generally has been softer in recent months compared to 2H 2023. However, it is still relatively robust and significantly above on a year on year basis (4.3% overall). With a weakening trend in the labour market, market participants are now more focused on jobs and employment data compared to inflation, which was squarely the focus for the past 2-3 years. Hence, construction spending, especially in cyclical sectors, has started gaining a lot of attention. Even though the pace of construction spending has reduced, it remains robust and in positive territory on an annual basis. However, it remains key to note that the growth in construction spending has tapered off significantly. Private Non-residential construction, which also tends to be cyclical, increased 0.1% m-o-m and was still up 2.3% from a year ago. The latest release also showed continued growth, though softer, in manufacturing spend. At $237 Bn, construction spend in manufacturing is 11% above last year levels. Once again though the pace of construction spend in manufacturing has been slowing substantially as well. Residential construction continues to be lacklustre, as it has been in the recent months. The latest print showed Single Family house construction spend was up 1.0% and Multi Family construction was down 0.3% m-o-m. With inventory gradually rising in both the existing and new home market, home builders are slowing down construction of new home and that has started to reflect in these construction spend numbers. There has been a bit of a pick up in housing starts and building permits in the last couple of months of 2024.   

2nd Jan 2025

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.152 Tn in November, virtually unchanged from the downwardly revised October estimate of $2.152 Tn. Construction spending generally has been softer in recent months compared to 2H 2023. However, it is still relatively robust and significantly above on a year on year basis (3.0% overall). With a weakening trend in the labour market, market participants are now more focused on jobs and employment data compared to inflation, which was squarely the focus for the past 2-3 years. Hence, construction spending, especially in cyclical sectors, has started gaining a lot of attention. Even though the pace of construction spending has reduced, it remains robust and in positive territory on an annual basis. However, it remains key to note that the growth in construction spending has tapered off significantly. Private Non-residential construction, which also tends to be cyclical, was unchanged for the month and was still up 1.7% from a year ago. The latest release also showed continued growth, though softer, in manufacturing spend. At $235 Bn, construction spend in manufacturing is 11% above last year levels. Once again though the pace of construction spend in manufacturing has been slowing substantially as well. Residential construction continues to be lacklustre, as it has been in the recent months. The latest print showed Single Family house construction spend was up 0.3% and Multi Family construction was down 1.3% m-o-m. With inventory gradually rising in both the existing and new home market, home builders are slowing down construction of new home and that has started to reflect in these construction spend numbers.    

  • Construction spending was unchanged at 0.0% m-o-m in Nov 2024 to a SAAR of $2.152 Tn (Expectations +0.3%)

2nd Dec 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.174 Tn in October, 0.4% above the upwardly revised September estimate of $2.164 Tn. Construction spending generally has been softer in recent months compared to 2H 2023. However, it is still relatively robust and significantly above on a year on year basis (5.0% overall). The latest October print was also relatively strong at 0.4%. With a weakening trend in the labour market, market participants are now more focused on jobs and employment data compared to inflation, which was squarely the focus for the past 2-3 years. Hence, construction spending, especially in cyclical sectors, has started gaining a lot of attention. However, even though the pace of construction spending has reduced, it remains robust and in positive territory on a annual basis. Private Non-residential construction, which also tends to be cyclical, decreased 0.3% for the month but was still up 3.5% from a year ago. The latest release also showed continued growth, though softer, in manufacturing spend. At $235 Bn, construction spend in manufacturing is 16% above last year levels. The boom in manufacturing construction continues to grow on the back of fiscal and industrial policy measures like the Chips Act. Consider this – Manufacturing construction is 3 times the pre-pandemic level. Though Residential construction continues to be lacklustre, as it has been in the recent months, the October print at 1.5% was relatively robust. Single Family house construction spend was up 0.8% and Multi Family construction was up 0.2% m-o-m. With inventory gradually rising in both the existing and new home market, home builders are slowing down construction of new home and that has started to reflect in these construction spend numbers.    

1st Nov 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.148 Tn in September, 0.1% above the upwardly revised August estimate of $2.146 Tn. Construction spending generally has been softer in recent months compared to 2H 2023. However, it is still relatively robust and significantly above on a year on year basis (4.6% overall). With a weakening trend in the labour market, market participants are now more focused on jobs and employment data compared to inflation, which was squarely the focus for the past 2-3 years. Hence, construction spending, especially in cyclical sectors, has started gaining a lot of attention. However, even though the pace of construction spending has reduced, it remains robust and in positive territory on a annual basis. Private Non-residential construction, which also tends to be cyclical, decreased 0.1% for the month but was still up 3.5%. The latest release also showed continued growth, though softer, in manufacturing spend. At $234 Bn, construction spend in manufacturing is 20% above last year levels. The boom in manufacturing construction continues to grow on the back of fiscal and industrial policy measures like the Chips Act. Consider this – Manufacturing construction is 3 times the level pre-pandemic. Residential construction continues to be lacklustre, as it has been in the recent months. Single Family house construction spend was up 0.4% and Multi Family construction was down 0.1% m-o-m. With inventory gradually rising in both the existing and new home market, home builders are slowing down construction of new home and that has started to reflect in these construction spend numbers.    

1st Oct 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.131 Tn in August, 0.1% below the downwardly revised July estimate of $2.133 Tn. Construction spending generally has been softer in recent months compared to 2H 2023. However, it is still relatively robust and significantly above on a year on year basis (4.1% overall). The latest release showed continued growth, though softer, in manufacturing spend. At $238 Bn, construction spend in manufacturing is 18% above last year levels. The boom in manufacturing construction continues to grow on the back of fiscal and industrial policy measures like the Chips Act. Consider this – Manufacturing construction is 3 times the level pre-pandemic. However, the most important takeaway today’s construction data release was the continued slowdown in Single Family house construction spend (-1.5%) and Multi Family construction (-0.4%). With inventory gradually rising in both the existing and new home market, home builders are slowing down construction of new home and that has started to reflect in these construction spend numbers.    

3rd Sep 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.162 Tn in July, 0.3% below the upwardly revised June estimate of $2.169 Tn. Even though the latest data release showed a drop of 0.3%, similar to previous month, the prior month’s data point (May) was revised from $2.148Tn to $2.169Tn. Construction spending generally has been softer in recent months compared to 2H 2023. However, it is still relatively robust and significantly above on a year on year basis. The latest release showed continued growth, though softer, in manufacturing spend. At $237 Bn, construction spend in manufacturing is 20% above last year levels. Single Family construction spend declined 1.9% and Multi Family construction spend was flat July. With inventory gradually rising in both the existing and new home market, home builders are slowing down construction of new home and that has started to reflect in these construction spend numbers.    

3rd Sep 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.148 Tn in May, 0.3% below the upwardly revised May estimate of $2.154 Tn. Even though the latest data release showed a drop of 0.3%, similar to previous month, the prior month’s data point (May) was revised from $2.139Tn to $2.154Tn. Construction spending generally has been softer in recent months compared to 2H 2023. However, it is still relatively robust and significantly above on a year on year basis. The latest release showed continued growth, though softer, in manufacturing spend. At $235 Bn, construction spend in manufacturing is 19% above last year levels. Single Family construction spend declined 1.2% and Multi Family construction spend increased 0.1% in June. With rates remaining stubbornly high, a build up in inventory on the back of slowing home sales is causing home builders to slow down construction of new home and that has started to reflect in these construction spend numbers.    

3rd Jun 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.139 Tn in May, 0.1% below the upwardly revised April estimate of $2.142 Tn. Even though the latest data release showed a drop of 0.1%, the key point to note was that the prior month’s data point was revised from negative 0.1% to plus 0.3%. In this backdrop, the latest drop of 0.1% does not look as bad. In any case, monthly data prints tend to be quite volatile and it is necessary to hence look at the broader trends. Construction spending generally has been softer in recent months compared to 2H 2023. However, it is still relatively robust and significantly above on a year on year basis. The strength in manufacturing construction spend continues even though it has been growing at a slower pace in recent months. The latest release showed an accelerated 1.3% growth in manufacturing spend. At $234 Bn, construction spend in manufacturing is 20% above last year levels. New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors. One of the most noteworthy stories in the recent construction spending data has been the resurgence in construction of Single Family Houses. However, Single Family construction spend declined a modest 0.2% and Multi Family construction spend declined 0.7% in May. With rates remaining stubbornly high, a build up in inventory on the back of slowing home sales is causing home builders to slow down construction of new home and that has started to reflect in these construction spend numbers.    

3rd Jun 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.099 Tn in April, 0.1% below the upwardly revised March estimate of $2.101 Tn. Construction spending has now declined for 4 months in a row. However, it is still relatively robust and significantly above last year levels (+10.0%). The strength in manufacturing construction spend continues even though it has been growing at a slower pace in recent months. At $228.4 Bn, construction spend in manufacturing is 17% above last year levels. New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors. One of the most noteworthy stories in the recent construction spending data has been the resurgence in construction of Single Family Houses. However, Single Family construction spend increased a modest 0.1% and Multi Family construction spend declined 0.3% in April. On a y-o-y basis, both remain significantly in positive territory (+20% ad 2.3%). However, the slowdown in Multi-family construction is noticeable compared to 2021 and 2022 levels.    

1st May 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.083 Tn in March, 0.2% below the downwardly revised February estimate of $2.088 Tn. Construction spending has now declined for 3 months in a row. However, it is still relatively robust and significantly above last year levels (+9.6%). The strength in manufacturing construction spend continues even though it has been growing at a slower pace in recent months. At $223.4 Bn, construction spend in manufacturing is 26% above last year levels. New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors. One of the most noteworthy stories in the recent construction spending data has been the resurgence in construction of Single Family Houses. However, both Single Family and Multi Family construction spend declined (by 0.2% and 0.6%) in March. On a y-o-y basis, both remain significantly in positive territory (+18% ad 3.5%)   

1st Apr 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.091 Tn in February, 0.3% below the downwardly revised January estimate of $2.096 Tn. Even though construction spending has declined for 2 months in a row, it is still relatively robust and significantly above last year levels (+10.7%). The strength in manufacturing construction spend continues even though it recorded a month on month decline in February. At $222.8 Bn, construction spend in manufacturing is 32% above last year levels. New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors. One of the most noteworthy stories in the recent construction spending data has been the resurgence in construction of Single Family Houses. Even as rest of the categories recorded a negative m-o-m print in February, private construction spending on single family houses increased 1.4% m-o-m and 17% y-o-y. This data also stands validated through similar results seen in the Building Permits and Housing Starts data.   

1st Mar 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.102 Tn in January 2024, 0.2% below the upwardly revised December estimate of $2.105 Tn. Though January recorded a drop of 0.2%, it is key to note that this comes on the back of a strong December growth rate of 0.9% which was also further revised upwards in January. Overall this still reflects quite solid construction spending in the US. Economic Indicators like constructions spending, durable goods orders, capital goods orders usually fall substantially lower in recessionary periods as businesses cut back on spending and investment. However, construction spending has been solid through the whole of 2023. For the full year 2023, the value of construction was $1.978 Tn which was 7.0% above the $1.848 Tn spent in 2022. One of the most noteworthy stories in the recent construction spending data has been the resurgence in construction of Single Family Houses. 2022 and the beginning of 2023 was mostly a multi family units construction story. However, single family units construction has picked up significantly in recent months. New Single Family private construction grew 0.6% in January to a SA annual rate of $430.1bn – up 12.5% from a year ago. This data also stands validated through similar results seen in the Building Permits and Housing Starts data. Lastly, construction spending in Manufacturing i.e. the building of factories, etc. which has recorded stellar growth in the past 12-15 months, posted a strong growth rate in January as well (2.0% m-o-m). The amount of construction spending in manufacturing is up a whopping 37% on a y-o-y basis (SA annualized rate of US$224 Bn). New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

1st Feb 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.096 Tn in December, 0.9% above the upwardly revised November estimate of $2.078 Tn. This once again still reflects quite solid construction spending in the US. Economic Indicators like constructions spending, durable goods orders, capital goods orders usually fall substantially lower in recessionary periods as businesses cut back on spending and investment. However, construction spending has been solid through the whole of 2023. For the full year 2023, the value of construction was $1.978 Tn which was 7.0% above the $1.848 Tn spent in 2022. One of the most noteworthy stories in the recent construction spending data has been the resurgence in construction of Single Family Houses. 2022 and the beginning of 2023 was mostly a multi family units construction story. However, single family units construction has picked up significantly in recent months. New Single Family private construction grew 1.6% in December to a SA annual rate of $427.4bn – up 9.9% from a year ago. This data also stands validated through similar results seen in the Building Permits and Housing Starts data. Lastly, construction spending in Manufacturing i.e. the building of factories, etc. which has recorded stellar growth in the past 12-15 months, moderated a bit in the month of December. The growth was negative on a m-o-m basis for the first time in three months. However the amount of construction spending in manufacturing is still up a whopping 60% on a y-o-y basis (SA annualized rate of US$213 Bn). New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

2nd Jan 2024

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.05 Tn in November, 0.4% above the upwardly revised October estimate of $2.042 Tn. This once again still reflects quite solid construction spending in the US. Economic Indicators like constructions spending, durable goods orders, capital goods orders usually fall substantially lower in recessionary periods as businesses cut back on spending and investment. However, so far in 2023, we are yet to see these indicators post figures anywhere close to recessionary levels. Needless to say though, these data points are not suitable leading indicators. One of the most noteworthy stories in the recent construction spending data has been the resurgence in construction of Single Family Houses. 2022 and some part of 2023 was mostly a multi family units construction story. However, single family units construction has picked up significantly in recent months. New Single Family private construction grew 2.9% in November to a SA annual rate of $422.5bn – up 5.5% from a year ago. This data also stands validated through similar results seen in the Building Permits and Housing Starts data. Lastly, construction spending in Manufacturing i.e. the building of factories, etc. which has recorded stellar growth in the past 12-15 months, continued it strong growth increasing 0.5% to a SA annualized rate of US$209 Bn – 59% above the same period in 2022!. New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

1st Dec 2023

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $2.029 Tn in October, 0.6% above the upwardly revised September estimate of $2.014 Tn. This once again still reflects quite solid construction spending in the US. On one had we have had weak manufacturing PMIs for most of the past 12 months. On the other hand, indicators like core capital goods new orders and construction spending have remained resilient through the same period. Residential construction, which had been relatively softer compared to 2022, has been registering solid increases through the 2nd half of 2023. Even within the Residential construction space, it is Single Family Housing Construction which is experiencing a decent growth rate in the 2nd half of 2023 (unlike multi family unit construction which was the growth story in 2022). This data also stands validated through similar results seen in the Building Permits and Housing Starts data. Lastly, construction spending in Manufacturing i.e. the building of factories, etc. which has recorded stellar growth in the past 12-15 months, continued it strong growth increasing 0.9% to a SA annualized rate of US$206 Bn – 71% above the same period in 2022!. New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

1st Nov 2023

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $1.996 Tn in September, 0.4% above the revised August estimate of $1.988 Tn. This still reflects quite solid construction spending in the US. On one had we have had weak manufacturing PMIs for most of the past 12 months. On the other hand, indicators like core capital goods new orders and construction spending have remained resilient through the same period. Residential construction, which had been relatively softer compared to 2022, once again grew a decent 0.6% m-o-m in September to a SA annualized rate of $882Bn. The latest figure is only 2% below September 2022 levels. Interestingly, for a second month in a row, New Single Family home construction spending has been growing at a faster pace compared to multi-family housing construction. Single family private construction grew at 1.3% m-o-m in September. New multi-family residential construction declined 0.1% m-o-m in September. This recent trend has been in contrast to the big surge in multi-family housing construction seen through most of 2022 and early 2023. Lastly, construction spending in Manufacturing i.e. the building of factories, etc. which has recorded stellar growth in the past 12-15 months, declined 0.4% to a SA annualized rate of US$198.9 Bn. However, even with the small decline, it still stands 62% above the same period in 2022!. New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

2nd Oct 2023

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $1.983 Tn in August, 0.5% above the revised July estimate of $1.973 Tn. This still reflects quite solid construction spending in the US. On one had we have had weak manufacturing PMIs for most of the past 12 months. On the other hand, indicators like core capital goods new orders and construction spending have remained resilient through the same period. Residential construction, which had been relatively softer compared to 2022, grew a decent 0.6% m-o-m in August to a SA annualized rate of $889Bn. The latest figure is only 3% below August 2022 levels. Interestingly, New Single Family home construction spending has been growing at a faster pace compared to multi-family housing construction. Single family private construction grew at 1.7% m-o-m in August. New multi-family residential construction grew at a 0.6% m-o-m in August. This data point also stands corroborated by the similarly resilient Housing Starts and Building Permits data released by the US Department of Housing. Lastly, construction spending in Manufacturing i.e. the building of factories, etc. which has recorded stellar growth in the past 12-15 months, once again grew a solid 1.2% to a SA annualized rate of US$198 Bn. (65% above the same period in 2022!). New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

1st Sep 2023

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $1.97 Tn in July, 0.7% above the revised June estimate of $1.958 Tn. This still reflects quite solid construction spending in the US. Residential construction, which had been relatively softer compared to 2022, grew a good 1.4% m-o-m in July to a SA annualized rate of $889Bn. However, that is still 5% below July 2022. Interestingly, New Single Family home construction spending has been growing at a faster pace compared to multi-family housing construction. Single family private construction grew at 1.4% m-o-m in July. Construction spending in Manufacturing i.e. the building of factories, etc. which has recorded stellar growth in the past 12-15 months, once again grew a solid 1.1% to a SA annualized rate of US$201 Bn. (70% above the same period in 2022!). New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

1st Aug 2023

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $1.94 Tn in June, 0.5% above the revised May estimate of $1.93 Tn. Similar to the previous month of May, Residential construction, which had been relatively softer compared to 2022, grew 0.9% m-o-m in June to a SA annualized rate of $867Bn. However, that is still 10% below June 2022. Construction spending in Manufacturing i.e. the building of factories, etc. which has recorded stellar growth in the past 12-15 months, grew 0.3% to a SA annualized rate of US$196 Bn. (80% above the same period in 2022!). New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

3rd Jul 2023

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $1.93 Tn in May, 0.9% above the revised April estimate of $1.91 Tn. Residential construction, which had been relatively softer compared to 2022, grew 1% m-o-m in May to a SA annualized rate of $867Bn. However, that is still 11% below May 2022. On the other hand, construction spending in Manufacturing i.e. the building of factories, etc. continued to be strong – growing 1.0% m-o-m to a SA annualized rate of $194bn. (76% above the same period in 2022!). New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

  • Construction spending increased 0.9% m-o-m in May 2023 to a SAAR of $1.93 Trillion (Expectations +0.5%)

1st May 2023

Key takeaway: Construction spending in the US was estimated at a seasonally adjusted annualized rate of $1.83 Tn in Mar, 0.3% above the Feb estimate of $1.82 Tn and 3.8% above the Mar 2022 estimate of $1.77 Tn. This was a fairly positive print. Construction spending has continued to increase in the US even as many expected the slowing economy to start reflecting in the construction industry numbers. Within the construction spending data, Residential construction spending data continued to trend down, but construction in all other non-residential segments continued to build up. One of the key segments, where construction has remained strong is Manufacturing i.e. the building of factories. Value of construction spending in Manufacturing was at a record $147bn in Mar 2023 – an almost 60% increase from a year back. New factories have been rising in the US especially in areas promoted through government led incentives, for instance electric vehicle batteries and semi-conductors.  

  • Construction spending increased 0.3% m-o-m in Mar 2023 to a SAAR of $1.83 Trillion (Expectations +0.1%)

Construction spending, as the name suggests, measures the amount of estimated construction spending in the US. Data on Construction Spending is released by the US Census Bureau around the 1st of every subsequent month. i.e, Data for January is released around 1st Mar.

US Census Bureau