We're still increasing the number of houses we build, but nonresidential construction declined in February for the second month in a row:
A couple of months isn't something to worry too much about, but it is a suggestion to keep your eyes on this.
The biggest drop was in health care construction, which surprises me since it feels like I can barely drive to the supermarket these days without seeing some gigantic new medical center breaking ground.
What data were you looking at?
The largest drop over the last couple of months was in commercial (-$7.2B), followed by highway/street construction (-$5.5B), then educational (-$3B), power (-$2.3B), and finally health care (-$1.3B).
You know KD was looking percent differences from Jan. 😉
(for others, follow link and download excel file, see seasonally adjusted, total construction, non-residential)
You're right about the last few months, but year over year numbers went up. Some of this could be local communities finally spending the last of their COVID money. Weather makes a big difference and there's also the infrastructure plan kicking in...so we'll have to see where things go...
https://jabberwocking.com/gen-z-isnt-getting-its-hands-dirty/
The Architectural Biliings Index was down sharply in August, and we are starting to see the effects now. Looks to be improving a bit.
From yesterday: "We need a new rule: you have to wait for at least two or three years of data before you declare something a trend. "
"I can barely drive to the supermarket these days without seeing some gigantic new medical center breaking ground" sounds like an extremely Orange County situation.