Steel Markets
July 9, 2018
May CPIP Data Shows Construction Spending Accelerating
Written by Peter Wright
Construction spending has accelerated for six straight months, according to Steel Market Update’s latest analysis of Commerce Department data. Growth of total construction expenditures on a rolling three-month basis year over year increased from 0.9 percent in November 2017 to 4.4 percent in May 2018.
In the DOC’s July 2 release, which included data through May of this year, the values for expenditure by sector were revised back to January 2016. The growth of total construction on a rolling 12-month basis year over year increased from 2.0 percent in January to 2.3 percent in May. On a rolling three-month year-over-year basis, the situation is much better, with growth improving every month from December through May when it reached 4.4 percent.
