Steel Markets
August 4, 2014
Construction Put in Place (CPIP)
Written by Peter Wright
Each month the Commerce Department issues its Construction Put in Place (CPIP) data on the first working day covering activity two months earlier. June data was released on August 1st. Construction put in place is based on spending work as it occurs, estimated for a given month from a sample of projects. In effect the value of a project is spread out from the project’s start to its completion.
Total Construction: Data is reported on both a seasonally adjusted and non-adjusted basis. In the SMU analysis we consider only the non-seasonally adjusted data and remove seasonality by the consideration of year over year (y/y) data. We also focus on rolling 3 and 12 months to remove the noise in single month numbers. Please note that the official news release from the Commerce Department appears at first glance to conflict with this SMU analysis because the government comments on seasonally adjusted numbers.
