According to the U.S. Census Bureau total construction spending during June 2021 was estimated at a seasonally adjusted annual rate of $1,552.2 billion, 0.1 percent above the upwardly revised May estimate of $1,551.2 billion. The June figure is 8.2 percent above the June 2020 estimate of $1,435.0 billion; however a majority of the separate market segments in the chart below are actually lagging behind the revised totals for May. During the first six months of this year, construction spending amounted to $736.5 billion, a healthy 5.4 percent above the $698.8 billion for the same period in 2020.

PRIVATE CONSTRUCTION:

Spending on private construction was at a seasonally adjusted annual rate of $1,215.2 billion, 0.4 percent above the revised May estimate of $1,210.3 billion. Residential construction was at a seasonally adjusted annual rate of $763.4 billion in June, 1.1 percent above the revised May estimate of $755.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $451.8 billion in June, 0.7 percent below the revised May estimate of $454.9 billion.

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According to the U.S. Census Bureau construction spending during May 2021 was estimated at a seasonally adjusted annual rate of $1,545.3 billion, 0.3 percent below the upward revised April estimate of $1,549.5 billion (much of the increases in May were offset by the large positive adjustment to April’s numbers). The May figure is a significant 7.5 percent above the shutdown affected May 2020 estimate of $1,437.7 billion. During the first five months of this year, construction spending amounted to $594.8 billion, 4.6 percent above the $568.5 billion for the same period in 2020. 

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The U.S. Census Bureau announced the “put in place construction” spending during April 2021 was estimated at a record seasonally adjusted annual rate of $1,524.2 billion, 0.2 percent above the upward revised March estimate of $1,521.0 billion. The April figure is 9.8 percent above the April 2020 estimate of $1,387.9 billion. During the first four months of this year, construction spending amounted to $452.3 billion, a healthy 5.8 percent above the $427.3 billion for the same period in 2020. 

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Construction spending during March 2021 was estimated at a seasonally adjusted annual rate of $1,513.1 billion, amount to a small 0.2 percent above the downward revised February estimate of $1,509.9 billion. The March figure is 5.3 percent above the March 2020 estimate of $1,436.7 billion. During the first three months of this year, construction spending amounted to $328.3 billion, a steady 4.5 percent above the $314.1 billion for the same period in 2020.

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Construction spending during February 2021 was estimated at a seasonally adjusted annual rate of $1,516.9 billion, 0.8 percent below the revised January estimate of $1,529.0 billion. The February figure is 5.3 percent above the February 2020 estimate of $1,441.1 billion. During the first two months of this year, construction spending amounted to $213.2 billion, still healthy 4.9 percent above the $203.2 billion for the same period in 2020.

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Construction spending during January 2021 was estimated at a seasonally adjusted annual rate of $1,521.5 billion, 1.7 percent above the upward revised December estimate of $1,496.5 billion. The January figure is 5.8 percent above the January 2020 estimate of $1,437.7 billion. Nearly ALL of the spending increase occurred in residential private sector (approx. $22 of the +$25 billion total increase), leaving the other areas roughly at a typical pace of change.

PRIVATE CONSTRUCTION:

Spending on private construction was at a seasonally adjusted annual rate of $1,160.0 billion, also was 1.7 percent above the revised December estimate of $1,140.9 billion. Residential construction was at a seasonally adjusted annual rate of $713.0 billion in January, a healthy 2.5 percent above the revised December estimate of $695.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $447.0 billion in January, 0.4 percent above the revised December estimate of $445.2 billion.

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Construction spending during December 2020 finished strongly with an seasonally adjusted annual rate at $1,490.4 billion, 1.0 percent above the revised November estimate of $1,475.6 billion. The December figure is 5.7 percent above the December 2019 estimate of $1,410.3 billion. The value of construction in 2020 was $1,429.7 billion, 4.7 percent above the $1,365.1 billion spent in 2019. While growth of any amount is a huge accomplishment (if not feat) during the turbulent pandemic and shutdowns seen in 2020, the construction numbers across market segments aren’t as robust as first glimpsed, with virtually all of the $64.6 billion dollars in overall growth was accomplished in only residential construction increases (i.e., $63.2B) for the year.  READ MORE

The first quarter of 2021 CIRT Sentiment Index Report results show signs of recovering confidence for both the Sentiment Index and the Design Index. The general Index increased slightly from last quarter, from 54.2 to 55.5, while the subset Design Index remained constant at a higher 64.8, which is a pre-pandemic and shutdown level. Taken together, both suggest continued and improving demand in the future.  

For the full report, please read: “CIRT Sentiment Index, 2021 First Quarter Report”

Construction spending during November 2020 set another RECORD seasonally adjusted annual rate at $1,459.4 billion, 0.9 percent above the upward revised October estimate of $1,446.9 billion. The November figure is 3.8 percent above the November 2019 estimate of $1,405.5 billion. Most of the gains were in the housing/residential markets (+$17 billion), while nonresidential slipped some $3.8 billion.  During the first eleven months of this year, construction spending amounted to $1,314.1 billion, a very respectable 4.4 percent above the $1,258.8 billion for the same period in 2019.

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Construction spending during October 2020 was estimated at a RECORD seasonally adjusted annual rate of $1,438.5 billion, 1.3 percent above the upward revised September estimate of $1,420.4 billion. Most of the increase spending (approximately $15 billion) came in the residential sector, as housing continues a very strong rebound, offset by some slippage in non-residential of $3.3 billion.  Augmenting the positive movement was higher public sector spending especially at the federal level resulting from the impact of a new fiscal year budget. The October figure is 3.7 percent above the October 2019 estimate of $1,386.8 billion. During the first ten months of this year, construction spending amounted to $1,189.6 billion, 4.3 percent above the $1,140.4 billion for the same period in 2019. 

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