Steel Markets
November 6, 2017
Construction Expenditures Through September
Written by Peter Wright
Growth of total construction spending has almost come to a halt, according to Steel Market Update’s latest analysis of Department of Commerce construction put in place (CPIP) data.
Last month, we reported that total construction expenditures contracted in the three months through August year over year for the first time since November 2011. Based on revisions included in the September CPIP data, the August contraction reversed direction. Total construction increased by 0.3 percent in August and by 0.2 percent in September on a three-month basis year over year. Since construction is extremely seasonal, the growth or contraction we report in this analysis has had seasonality removed by providing only year-over-year comparisons.
