- Prior was +0.5%
- Private construction +0.5%
- Residential construction +1.5%
- Non-residential construction -0.7%
- Public construction -0.5% m/m
- Public construction +3.6% y/y
Given the jumps in shares of CAT and DE, there better be some construction spending in the pipeline. The annualized rate in the report is $2,168.8 billion, which is down 0.4% from last December. Private construction was 2.9% below the 2024 level.
All the AI spending is in the pipeline and that should boost this in time but you start to wonder if the tariffs and economic uncertainty is pulling down investment elsewhere. This isn’t a great report, though it’s rarely a market mover.
US equities are making up some lost ground with the S&P 500 trimming the daily decline to 41 points, or 0.6%.
