2011 Economic Calendar
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Construction Spending  
Released On 12/1/2011 10:00:00 AM For Oct, 2011
PriorPrior RevisedConsensusConsensus RangeActual
Construction Spending - M/M change0.2 %0.3 %-0.4 % to 0.5 %0.8 %
Construction Spending - Y/Y change-1.3 %-0.6 %-0.4 %

It may not be a lot (coming from a low base) but it is starting to look like the construction sector is incrementally adding to overall economic growth. Construction spending in October advanced 0.8 percent after rising an unrevised 0.2 percent in September. Analysts had forecast a 0.3 percent boost for October.

The October increase was led by a 3.4 percent boost in private residential outlays, following a 0.6 percent rise in September. Private nonresidential construction spending also posted a gain, rising 1.3 percent, following a 0.1 percent dip the month before. Public outlays declined 1.8 percent after a 0.3 percent increase the prior month.

On a year-ago basis, overall construction outlays improved to down 0.4 percent in October from down 0.6 percent in September.

Construction outlays have risen three months in a row and in six of the last seven months. The level of activity is still subdued but it now appears to be growing and adding to overall economic growth. It is not an "engine" like manufacturing but it is in better shape than even less than a year ago.

On the news, equities firmed but with lift also coming from a positive ISM manufacturing report.

Consensus Outlook
Construction spending in September gained 0.2 percent after rebounding 1.6 percent in August, which was revised up from an original 1.4 percent increase. September's advance was led by a 0.9 percent increase in residential outlays, following a 0.4 percent rise in August. By subcomponents, strength was in non-new homes (improvements-including remodeling and additions to earlier completed original buildings). Private nonresidential construction spending advanced 0.3 percent, following a 0.8 percent rise the month before. Public outlays declined 0.6 percent after a 3.5 percent boost the prior month.

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
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

2011 Release Schedule
Released On: 1/32/13/14/15/26/17/18/19/110/311/112/1
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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