2017 Economic Calendar
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Construction Spending  
Released On 9/1/2017 10:00:00 AM For Jul, 2017
PriorPrior RevisedConsensusConsensus RangeActual
Construction Spending - M/M change-1.3 %-1.4 %0.6 %-1.3 % to 1.0 %-0.6 %
Construction Spending - Y/Y change1.6 %2.8 %1.8 %

Strength in residential building makes for a better construction spending report than indicated by the headline 0.6 percent July decline. Driven by single-family homes, residential construction rose a very solid 0.8 percent in the month for a year-on-year gain of 11.6 percent that contrasts markedly with the 1.8 percent overall rate. Home improvements, up 1.4 percent in the month, were also very strong. Spending on multi-family construction continues to moderate, down 0.8 percent in the month for only a 2.6 percent yearly gain.

The real weakness in the report is on the nonresidential side where private spending, reflecting weakness across all components and especially commercial building, fell 1.9 percent for a yearly decline of 3.6 percent. Public building is likewise soft with the educational category down 4.4 percent in July.

Though housing permits have been flat, the residential numbers in this report are solid. And strength for construction payrolls in this morning's employment report might be hinting at better results for construction spending in the August report. Note that the unfolding effects from Hurricane Harvey will be difficult to gauge based on mixed results following prior hurricanes.

Consensus Outlook
Construction spending has been very soft this year, falling an unexpected 1.3 percent in June for a year-on-year gain of only 1.6 percent. Residential spending was held down in June by weakness in multi-family units while nonresidential spending saw sharp contraction in public building. The Econoday consensus is looking for a 0.6 percent bounce higher in July.

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

2017 Release Schedule
Released On: 1/32/13/14/35/16/17/38/19/110/211/112/1
Release For: NovDecJanFebMarAprMayJunJulAugSepOct

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