2018 Economic Calendar
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Construction Spending  
Released On 5/1/2018 10:00:00 AM For Mar, 2018
PriorPrior RevisedConsensusConsensus RangeActual
Construction Spending - M/M change0.1 %1.0 %0.5 %0.3 % to 0.9 %-1.7 %
Construction Spending - Y/Y change3.0 %5.7 %3.6 %

Highlights
Construction spending data are known for their volatility which should limit the surprise from a very unexpected 1.7 percent decline in March, far below Econoday's consensus range. The housing sector is the weakness in the report with residential spending down 3.5 percent in the month including dips for both single-family homes, down 0.4 percent, and multi-units, down 2.7 percent. Home improvements, which have been soft, fell 8.0 percent in the month.

But the minus signs don't stop here with private non-residential spending, held down by continuing weakness in factory spending and a monthly downturn for commercial spending, falling 0.4 percent in the month. Spending on public building is mixed with highways & streets showing a gain offset by a flat result for educational building.

Today's data are a surprise for forecasters but are offset by a heavy upward revision to February, now at plus 1.0 percent from an initial 0.1 percent gain, and may paradoxically build up expectations for a construction rebound in coming reports. Watch for housing comments in tomorrow's FOMC statement and also construction payrolls, which have been strong, in Friday's employment report.

Consensus Outlook
After a marginal gain in February, construction spending is expected to bounce a solid 0.5 percent higher in March. Spending on single-family homes leads this report, offsetting weakness for nonresidential spending.

Definition
The dollar value of new construction activity on residential, non-residential, and public projects. Data are available in nominal and real (inflation-adjusted) dollars.  Why Investors Care
 
[Chart]
Over the last year, a decline in residential outlays has pulled down year-on-year growth for overall construction outlays. Nonresidential and public outlays are positive with nonresidential actually strong.
Data Source: Haver Analytics
 
 

2018 Release Schedule
Released On: 1/32/13/14/25/16/17/28/19/410/111/112/3
Release For: NovDecJanFebMarAprMayJunJulAugSepOct
 


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