Total Construction spending during August 2019 was estimated at a seasonally adjusted annual rate of $1,287.3 billion, 0.1 percent above the revised July estimate of $1,285.6 billion. The August figure is 1.9 percent below the August 2018 estimate of $1,312.2 billion. In August, nonresidential private sector spending slipped one percent (or down $4.2 billion) accounting for nearly all the negative news. During the first eight months of this year, construction spending amounted to $851.3 billion, 2.3 percent below the $871.3 billion for the same period in 2018. 

PRIVATE CONSTRUCTION:
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $955.0 billion, nearly the same as the revised July estimate of $954.8 billion. Residential construction was at a seasonally adjusted annual rate of $507.2 billion in August, 0.9 percent above the revised July estimate of $502.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $447.9 billion in August, 1.0 percent below the revised July estimate of $452.3 billion.

PUBLIC CONSTRUCTION:
Public Construction In August, the estimated seasonally adjusted annual rate of public construction spending was $332.3 billion, 0.4 percent above the revised July estimate of $330.8 billion. Educational construction was at a seasonally adjusted annual rate of $77.0 billion, 1.4 percent above the revised July estimate of $75.9 billion. Highway construction was at a seasonally adjusted annual rate of $98.9 billion, 0.6 percent above the revised July estimate of $98.3 billion.

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Construction spending during July 2019 was estimated at a seasonally adjusted annual rate of $1,288.8 billion, 0.1 percent above the revised June estimate of $1,288.1 billion. The July figure is  2.7 percent below the July 2018 estimate of $1,324.8 billion. During the first seven months of this year, construction spending amounted to $733.8 billion, 2.1 percent below the $749.9 billion for the same period in 2018. 

PRIVATE CONSTRUCTION:
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $963.1 billion, 0.1 percent below the revised June estimate of $963.7 billion. Residential construction was at a seasonally adjusted annual rate of $506.7 billion in July, 0.6 percent above the revised June estimate of $503.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $456.4 billion in July, 0.8 percent below the revised June estimate of $460.2 billion.

PUBLIC CONSTRUCTION:
Public Construction In July, the estimated seasonally adjusted annual rate of public construction spending was $325.7 billion, 0.4 percent above the revised June estimate of $324.3 billion. Educational construction was at a seasonally adjusted annual rate of $73.3 billion, 1.6 percent above the revised June estimate of $72.1 billion. Highway construction was at a seasonally adjusted annual rate of $97.0 billion, 2.7 percent below the revised June estimate of $99.7 billion.

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JUST RELEASED!

The widespread shortcomings and low success rate of megaprojects have been so pervasive that those involved have begun to question the very model. The recent exits of prominent engineering and construction (E&C) players in certain types of megaprojects markets indicate the situation may be coming to a head.  READ THE FULL REPORT HERE: MEGAPROJECTS: Changing the Conversation

Construction spending during June 2019 was estimated at a seasonally adjusted annual rate of $1,287.0 billion, 1.3 percent below the revised May estimate of $1,303.4 billion. The bulk of the June drop-off came in the public sector side of construction spending. The June figure is 2.1 percent below the June 2018 estimate of $1,314.8 billion. During the first six months of this year, construction spending amounted to $615.8 billion, 0.5 percent below the $619.0 billion for the same period in 2018.

Private Construction Spending on private construction was at a seasonally adjusted annual rate of $962.9 billion, 0.4 percent below the revised May estimate of $967.0 billion. Residential construction was at a seasonally adjusted annual rate of $507.2 billion in June, 0.5 percent below the revised May estimate of $509.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $455.7 billion in June, 0.3 percent below the revised May estimate of $457.3 billion. 

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Total Construction spending during May 2019 was estimated at a seasonally adjusted annual rate of $1,293.9 billion, 0.8 percent below the revised April estimate of $1,304.0 billion. The May figure is 2.3 percent below the May 2018 estimate of $1,324.3 billion. During the first five months of this year, construction spending amounted to $498.8 billion, 0.3 percent below the $500.3 billion record pace set for the same period in 2018. 

PRIVATE CONSTRUCTION:
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $953.2 billion, 0.7 percent below the revised April estimate of $960.3 billion. Residential construction was at a seasonally adjusted annual rate of $498.9 billion in May, 0.6 percent below the revised April estimate of $501.7 billion. Nonresidential construction was at a seasonally adjusted annual rate of $454.3 billion in May, 0.9 percent below the revised April estimate of $458.5 billion.

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Construction spending during April 2019 was estimated at a seasonally adjusted annual rate of $1,298.5 billion, nearly the same as the revised March estimate of $1,299.2 billion. However, the April figure was 1.2 percent below the April 2018 estimate of $1,314.7 billion. The slowness or downturn during April came on the private sector spending side, while the public side saw healthy upticks in outlays. During the first four months of this year, construction spending amounted to $386.1 billion, or only 0.2 percent above the $385.5 billion for the same period in 2018. 

PRIVATE CONSTRUCTION:
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $954.0 billion, 1.7 percent below the revised March estimate of $970.4 billion. Residential construction was at a seasonally adjusted annual rate of $499.3 billion in April, 0.6 percent below the revised March estimate of $502.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $454.7 billion in April, 2.9 percent below the revised March estimate of $468.0 billion.

PUBLIC CONSTRUCTION:
Public Construction In April, the estimated seasonally adjusted annual rate of public construction spending was $344.6 billion, 4.8 percent above the revised March estimate of $328.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.0 billion, 2.1 percent above the revised March estimate of $78.3 billion. Highway construction was at a seasonally adjusted annual rate of $114.3 billion, 6.8 percent above the revised March estimate of $107.0 billion.

BY THE NUMBERS:

Construction spending during March 2019 was estimated at a seasonally adjusted annual rate of $1,282.2 billion, 0.9 percent below the revised February estimate of $1,293.3 billion. The March figure is 0.8 percent below the March 2018 estimate of $1,293.1 billion. The one bright spot was nonresidential spending, which saw a very slight increase over February’s numbers.  During the first three months of this year, construction spending amounted to $277.7 billion, actually 0.2 percent below the $278.3 billion for the same period in 2018. 

PRIVATE CONSTRUCTION:
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $961.5 billion, 0.7 percent below the revised February estimate of $968.6 billion. Residential construction was at a seasonally adjusted annual rate of $500.9 billion in March, 1.8 percent below the revised February estimate of $510.1 billion. Nonresidential construction was at a seasonally adjusted annual rate of $460.6 billion in March, 0.5 percent above the revised February estimate of $458.5 billion.

PUBLIC CONSTRUCTION:
Public Construction In March, the estimated seasonally adjusted annual rate of public construction spending was $320.7 billion, 1.3 percent below the revised February estimate of $324.7 billion. Educational construction was at a seasonally adjusted annual rate of $76.6 billion, 1.5 percent below the revised February estimate of $77.8 billion. Highway construction was at a seasonally adjusted annual rate of $104.5 billion, 1.9 percent below the revised February estimate of $106.5 billion.

BY THE NUMBERS: 

Based on the 2nd Quarter 2019 CIRT Sentiment Index Report, the overall outlook for members remained constant, with the latest figures showing only a slight increase in the CIRT Sentiment Index vs. a marginal decrease in the Design Index when compared with the first quarter. [The CIRT Sentiment Index rose from 64.8 to 65.0, and the Design Index fell from 70.8 to 70.1].  The report’s current trends questions focused on: (1) topics that would be most valuable for research studies; and (2) effects of tariffs on CIRT firms, including: strategies used to combat such effects and how tariffs have changed the costs and availability of supplies.  (See the full report for details).

The U.S. Census Bureau announced the value put in place of construction for February 2019 was estimated at a seasonally adjusted annual rate of $1,320.3 billion, 1.0 percent above the revised January estimate of $1,307.3 billion. The February figure is 1.1 percent above the February 2018 estimate of $1,305.5 billion. During the first two months of this year, construction spending amounted to $181.9 billion, 1.4 percent above the $179.4 billion for the same period in 2018. 

PRIVATE CONSTRUCTION:
Spending on private construction was at a seasonally adjusted annual rate of $994.5 billion, 0.2 percent above the revised January estimate of $993.0 billion. Residential construction was at a seasonally adjusted annual rate of $540.9 billion in February, 0.7 percent above the revised January estimate of $536.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $453.6 billion in February, 0.5 percent below the revised January estimate of $456.0 billion.

PUBLIC CONSTRUCTION:
In February, the estimated seasonally adjusted annual rate of public construction spending was $325.8 billion, 3.6 percent above the revised January estimate of $314.4 billion. Educational construction was at a seasonally adjusted annual rate of $76.3 billion, 0.8 percent above the revised January estimate of $75.7 billion. Highway construction was at a seasonally adjusted annual rate of $111.1 billion, 9.5 percent above the revised January estimate of $101.5 billion.  MORE

The U.S. Census Bureau report, delayed due to the federal government shutdown, had good news related to construction put in place for January 2019 estimated at a seasonally adjusted annual rate of $1,307.3 billion, 3.5 percent above the revised December estimate of $1,263.1 billion. Most of the bounce in the new year came in public sector spending which moved-up nearly 5.0 percent with sizable gains in highway construction. The January figure is 2.4 percent above the January 2018 estimate of $1,276.3 billion. 

PRIVATE CONSTRUCTION:
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $966.0 billion, 0.2 percent above the revised December estimate of $964.2 billion. Residential construction was at a seasonally adjusted annual rate of $511.4 billion in January, 0.3 percent  below the revised December estimate of $512.9 billion. Nonresidential construction was at a seasonally adjusted annual rate of $454.7 billion in January, 0.8 percent above the revised December estimate of $451.2 billion.   MORE