ACTV - Construction Spending Rises To Record

2024-07-09 10:30:00 ET

Summary

• Total construction spending rises to a new record with Residential, Public and Manufacturing posting higher levels while Power was lower.
• Spending on Manufacturing facilities has risen to 185% of August 2021, the sharpest rise in this series.
• The PMI decline reported this morning does not make economic sense with rising Industrial Production and Construction Spending.

Total Construction Spending rises to a new record. Three of the major categories, Residential, Public and Manufacturing, posted higher levels while Power was lower. With the intensity around EVs, AI and reshoring manufacturing, I expect to see spending on Power projects to rise to new highs. Spending on Manufacturing facilities has risen to 185% of August 2021, the sharpest rise in this series....

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