On Monday, the U.S. Census Bureau [1] will release its latest Construction Spending Report [2] for August. The report provides monthly estimates of the total dollar value of construction work done in the U.S. According to the Census Bureau, this survey covers construction work done each month on new structures or improvements to existing structures for private and public sectors. Data estimates include the cost of labor and materials, cost of architectural and engineering work, overhead costs, interest and taxes paid during construction, and contractor’s profits.
In July, the report indicated that construction spending grew at a rate of 0.1 percent month over month to $1,315.4 billion and 5.8 percent on a year-over-year basis from $1,242.8 billion in July 2017. During the first seven months of this year, construction spending amounted to $740.5 billion, which was 5.2 percent above the $703.7 billion for the same period in 2017.
For private construction, the report found that spending was 0.1 percent below the June estimate at $1,010.9 billion. Residential construction was at a seasonally adjusted annual rate of $560.1 billion in July, 0.6 percent above the revised June estimate of $556.7 billion.
Here's what else is happening in The Week Ahead:
- AEI National Housing Market Indicators, Monday, 11 a.m. ET
- Jerome Powell Address at the National Association of Business Economics Annual meeting, Tuesday, 12 p.m. ET
- CoreLogic Home Price Insights Report, Tuesday, 9 a.m. ET
- MBA Mortgage Apps, Wednesday, 7 a.m. ET
- Census Bureau Employment Situation, Friday, 8:30 a.m. ET