Economic News
Construction Spending, August:
Construction spending rose 5.9% year-over-year
in August, reaching a $951.1 billion annual rate.
· Outlays increased for the 5th consecutive month, reaching
the highest level since April 2009
· Spending grew 0.6% from an upwardly revised July
· Private construction increased 0.7% month-over-month,
reaching the highest level since January 2009
· Spending remains about 27% less than the pre-recession peak, a $1.21 trillion annual rate set in March 2006
note: the AuGuSt conStruction report wAS releASed oct. 22 by
the commerce dept. due to the recent Government Shutdown.
Construction Materials, August:
Construction materials prices increased
0.2% in August after remaining fat in July.
· Residential construction materials prices increased 0.3%
· Nonresidential construction inputs prices grew 0.5%
· Price increases: metals, lumber, energy and
energy-related products
· Price declines: cement, gypsum, natural gas
Source: bureAu of lAbor StAtiSticS
producer price index (ppi)
Construction Employment, September:
Unemployment in the construction industry fell to a six-year
low of 8.5% in September, adding 20,000 new jobs.
· Industry employment totaled 5.826 million workers, 3.4% more than September 2012
· Weekly aggregate hours rose 4.2% year-over-year, indicating longer shifts for current workers
· Worker shortages, public spending cuts and the government shutdown could threaten continued growth
· "The industry was doing relatively well before the federal government shutdown forced many frms to hit the pause button …
[On] a year-over-year basis, public construction has continued its long decline, private nonresidential spending is mixed,
and only home and apartment construction is booming."
- Ken SimonSon, chief economiSt, ASSociAted GenerAl contrActorS of AmericA (AGc) - Source: lAbor dept./AGc
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