Steel Markets
August 2, 2018
June CPIP Data Shows Construction Spending at Record High
Written by Peter Wright
Construction is on a roll with expenditures in June at an all-time high, according to Steel Market Update’s latest analysis of Commerce Department data.
In the Aug. 1 data release, which reported expenditures through June, the growth of total construction on a rolling 12-month basis year over year increased from 2.1 percent in January to 2.6 percent in June. On a rolling three-month basis year over year, the situation is much better with growth improving every month from December through June when it reached 4.9 percent. Construction expenditures data is developed by the Department of Commerce and is referred to as construction put in place (CPIP). 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.
