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

1st May 2024

Construction Spending

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 2 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 territoty (+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