There are three major housing related data series published each and every month. The first is on construction of new units, the intersection of real estate and the macro economy compiled by the Census Bureau. The second is the number of newly built single-family homes that have been sold, relating obviously to the level of construction. These numbers are also [...]
For the second consecutive month I can write that construction spending overall contracted for the first time since 2011. It hasn’t been quite as severe as Personal Income and Spending typically have been, but there has been some noise of revisions in the construction series. The original estimates come out a bit too pessimistic so that by the next month of [...]
Total construction spending was essentially flat year-over-year in July 2016. Public construction at both the state and local and also the federal government levels declined more than 3% Y/Y. Excluding the public sector, private construction spending (NSA) was up just 3.9% in July for the second month in a row. That was the lowest increase since the housing rebound started [...]
The latest figures from the Census Bureau on home construction continue to suggest that the home sales number from last month was, at best, a one-off abnormality. If new home sales were heading appreciably higher in what might have been perceived as a sustained advance, you would expect that new home construction would at least closely follow to take advantage [...]
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