US Spending on Residential Improvements: March 2019

Spending on residential construction fell at a 1.5% rate in the second quarter, showing its sixth straight quarterly decline. In a separate report Thursday, the government said the number of jobless workers filing for unemployment benefits rose by 8,000 to a seasonally adjusted figure of 215,000 last week.

The most recent data from Construction Spending showed that spending on residential improvements fell to a seasonally adjusted annual rate of $173 billion in March 2019, down by 3.1% over February estimate, and was 14.1% lower than a year ago. Residential Improvement Spending has experienced weakness after reaching the peak of $216.7 billion in April 2018.

US construction spending fell 1.3 percent from a month earlier at a seasonally adjusted annual rate of USD 1.29 trillion in June of 2019, following a downwardly revised 0.5 percent decline in the previous month and against market expectations of a 0.5 percent rise.

Spending on single-family construction fell 1.5% in March to a seasonally adjusted annual rate of $263.2 billion, after a decrease of 1.1% in February. This decline mirrors weaker single-family starts in the first quarter of 2019. home improvement spending slipped 3.1% in March after a modest increase of 0.6% in February.

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NAHB predicts that remodeling spending for owner-occupied single-family homes will increase 1.6 percent in 2019 and another 1.1 percent in 2020. "Remodeler confidence continues to remain at a high level, as remodeling spending reached $172 billion in 2018," said 2018 NAHB Remodelers Chair Joanne Theunissen, CGP, CGR.

Spending growth was well balanced among residential, private nonresidential and public projects. construction employment climbed by 4.9% from October 2017 to October 2018. That growth rate was nearly triple the 1.7% increase in total nonfarm payroll employment, a sign that contractors are busy now and expect to remain busy in the near future.

His report covered the period from mid-March through Aug. 19, the first day of this school. “If we look at emotional.

 · Housing starts in the US rose 5.7 percent from a month earlier to a seasonally adjusted annual rate of 1,235 thousand units in April 2019, more than an expected 1,205 thousand and following a revised 1.7 percent advance in March.

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