The headline numbers on U.S. put-in-place (PIP) construction spending, from the Census Bureau, continue to be somewhat reassuring—or, at least, not too alarming.
In September, the total dollar volume of $1.414 trillion (seasonally adjusted and annualized) was +0.3% month to month, with residential at +2.7% and nonresidential, -1.6%.
On a year-over-year basis, September’s total PIP figure was +1.5%, with residential (+10.1%) pulling ahead and nonresidential (-4.4%) stepping back.
Residential PIP is holding up nicely; nonresidential, not so much. The former is 44% of the total, with the latter at 56%. The relationship is usually nearer to 40% versus 60%.
A closer look at the numbers, especially in the nonresidential sphere, is warranted.
