- US: GDP & Corporate Profits (Q4, 3rd release)
- Canada: Industrial Products & Raw Material Prices (Feb)
- Spain: Flash HICP and CPI, Construction Business Survey Press (Mar)
- Euro area: EC Business and Consumer Surveys (Mar)
- Belize: GDP (Q4)
- Chile: IP (Feb); Brazil: Retail Trade - Rebased 2014=100 (Jan)
- Croatia: Employment, Retail Trade Press (Feb), Earnings (Jan); Bulgaria: PPI (Feb); Montenegro: Wages (Feb); Latvia: Retail Trade (Jan); Lithuania: External Debt Service (Q4);
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Economy in Brief
U.S. Initial Claims for Unemployment Insurance Ease
Initial jobless insurance applications fell to 258,000 (-3.1% y/y) during the week ended March 25...
U.S. Pending Home Sales Jump
The NAR reported that pending home sales increased 5.5% in February to an index level of 112.3...
U.S. Mortgage Loan Applications Remain Little Changed; Variable Rate Apps Surge
The MBA total Mortgage Market Volume Index slipped 0.8% last week (-12.4% y/y)...
La Dolce Vita? Italian Confidence Bumps Higher
Italian business and consumer confidence moved higher in March...
U.S. Consumer Confidence Improves Significantly
The Conference Board Consumer Confidence Index for March strengthened 8.2% (30.7% y/y) to 125.6...
U.S. Energy Product Prices Remain Under Pressure
Regular gasoline prices held steady at $2.32 per gallon last week (12.1% y/y) for the third straight week...
by Tom Moeller June 1, 2016
Strength in building activity has waned recently. The value of construction put-in-place declined 1.8% during April (+4.5% y/y) following a 1.5% March rise, revised from 0.3%. February's 1.4% gain also was revised from 1.0%. A 0.5% increase was expected in the Action Economics Forecast Survey.
Building activity in the private sector declined 1.5% led by the same 1.5% drop in residential building activity, which reversed half of a March increase. Multi-family building activity declined 3.1% (+20.6% y/y) following a 6.6% rise, and spending on improvements fell 3.2% (-0.8% y/y) on the heels of a 7.3% jump. Single-family construction was little-changed m/m (+12.8% y/y) after a 0.3% rise.
The value of nonresidential building activity declined 1.5%(+3.5% y/y) following a 1.3% rise. Office construction rose 1.6% (24.2% y/y) and transportation activity gained 1.8% (14.7% y/y). A 3.6% decline (+4.7% y/y) in commercial construction offset these increases along with a 1.5% drop (-2.0% y/y) in factory sector building.
Public sector building activity declined 2.8% (-0.6% y/y) after a 0.6% easing. Highway & street construction fell 6.6% (-0.3% y/y) following sharp volatility earlier this year. Commercial construction declined 4.1% (+61.8% y/y) after 12.6% growth, but water supply activity eased just 0.4% (-2.8% y/y), the same as in March. Power construction rebounded 5.2% (-11.7% y/y) after a 15.0% shortfall.
The construction spending figures are in Haver's USECON database and the expectations figure is contained in the AS1REPNA database.
|Construction Put in Place (SA, %)||Apr||Mar||Feb||Apr Y/Y||2015||2014||2013|