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Deciphering the Meaning of March’s U.S. Construction Put-in-Place Stats

Table 1 is a one-place depiction of the key percentage-change metrics for the 2022 Q1 put-in-place construction dollar volume statistics from the Census Bureau.

Total year-to-date spending is ahead by +12.0, owing more to residential, at +18.6%, than nonresidential, +5.8%. The dollar volumes on which the percentage changes are based are in current dollars. Constant dollars would factor out inflation.

Given the exceptional advances in material input costs over the past year and some decent-sized jumps in compensation rates as well, there’s a good chance the nonresidential percentage change year-to-date (+5.8%) would be close to zero, or even possibly negative, if a price index were applied to the results.

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