Construction spending during August 2021 was estimated at a seasonally adjusted annual rate of $1,584.1 billion, virtually unchanged from the large upwardly revised July estimate of $1,584.0 billion. The August figure is a large 8.9 percent above the August 2020 estimate of $1,455.0 billion. During the first eight months of this year, construction spending amounted to $1,034.5 billion, a very healthy 7.0 percent above the $966.7 billion for the same period in 2020.

PRIVATE CONSTRUCTION:
Spending on private construction was at a seasonally adjusted annual rate of $1,242.2 billion, 0.1 percent below the revised July estimate of $1,243.7 billion. Residential construction was at a seasonally adjusted annual rate of $786.6 billion in August, 0.4 percent above the revised July estimate of $783.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $455.6 billion in August, 1.0 percent below the revised July estimate of $460.2 billion. 

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Notwithstanding the Constitutional challenges that are already underway, private sector firms that are federal contractors will be forced to comply in the interim.  Application, definitions, timelines, and other aspects of the mandate are spelled-out in the Executive Order directing the agencies to implement the new requirement.

See, Text: Executive Order on Ensuring Adequate COVID Safety Protocols for Federal Contractors (09/09/21).

Construction spending during July 2021 was estimated at a seasonally adjusted annual rate of $1,568.8 billion, 0.3 percent above the upwardly revised June estimate of $1,563.4 billion. The July figure is a substantial 9.0 percent above the pandemic affected July 2020 estimate of $1,439.6 billion. During the first seven months of this year, construction spending amounted to $883.2 billion, is a very healthy 6.2 percent above the $831.5 billion for the same period in 2020.

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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