SCHH - Construction Spending Turns South Driven By Big Drops In Residential And Retail
But other construction segments are hot.
Residential construction is starting to make folks nervous. Total residential construction spending - 99% is "private" rather than "public" spending - dropped 8.4% from a year ago, the sixth month in a row of year-over-year declines, to a seasonally adjusted annual rate of $507 billion, according to the Census Bureau this morning. This was down 11% from the peak in April 2018, and the lowest annual rate since December 2016.
Residential construction spending never fully recovered from the 65% collapse following the peak in February 2006 ($684 billion annual