Steel Markets
September 5, 2017
Construction Growth Losing Momentum?
Written by Tim Triplett
The growth of total construction spending is slowing, though still positive year over year.
July data for construction put in place (CPIP) was released by the Department of Commerce on Friday. Total construction still shows positive growth, but slowed to 0.9 percent year over year in the latest three months of data. Privately funded projects are providing all the growth, as state and local and infrastructure are both contracting. All three sectors have negative momentum. Construction is extremely seasonal; the growth or contraction that we report in this analysis has had seasonality removed by providing only year-over-year comparisons.
