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In total construction spending has risen +0.2% from March 2022 and +12.3% from April 2021. Over the first four months of 2022 construction spending has been 12.4% of the same period in 2021. While total spend has risen so has inflation. Comparing spending after inflation we see that total construction volume has fallen compared to this time last year.    Of the total construction spend, private construction made up 80% coming in just under $1.4T. Residential construction made up $891B while non-residential construction made up $503B. Residential construction, up +18.4% remains ahead of inflation indicating a rising volume. Outside of…moreApril 2022 P.I.P Construction Spending – U.S. Census Bureau 

New privately-owned housing permits issued in April 2022 were down -3.2% from last month but up +3.1% from this time last year. This suggests that while housing demand is still growing the current peak may be behind us. Breaking down these numbers into single family and multi family we see single family housing decreasing in both periods, down -4.6% m/m and -3.6% y/y; multi-family builds have seen large growth of +16.3% y/y but a month over month decline of -0.6%.  Total units authorized but not started has risen marginally from last month +0.7%; however, over the 1 year period housing…moreApril 2022 Residential Construction – US Census Bureau

Over the first quarter we saw residential permits start the new year off strong but have stalled over the past two months. From February to March of 2022, we saw a positive growth of +0.4% and an increase of 6.7% from March of 2021 in total permits. In the single-family market however, there was a –4.8% decrease from February of 2022 and a –3.9% decrease from March of 2021.   Units permitted but not started increased by +2.9% from February of 2022 and by +22.3% from March of 2021. Single family units however were down –0.7% from last month. Despite that,…moreMarch 2022 Residential Construction – US Census Bureau 

Put in Place Construction spending for March 2022 increased by +0.1% from last month but increased +11.7% from March 2021. Residential makes up a large part of the increase up 18.2% from March 2021. Non-residential private construction increased 8.5% from March 2021 in line with the 8.5% inflation we’ve dealt with over the same period. Non-residential public construction has fared much worse, up 1.7% from March 2021, -6.8% under the inflation rate.   In total, office and public safety have seen the largest decrease in spending of all non-residential construction verticals, down –26.6% and –23.4% respectively. The best performing vertical was…moreMarch 2022 P.I.P Construction Spending – U.S. Census Bureau 

Total new housing permits are up +7.7% from February last year and down –1.9% from last month. Single family home permits are down –0.5% from last month and up 5.4% from this time last year. Multi-family units are up +12% from last February but saw a –4.5% decline from last month.  Housing units authorized but not started are up +0.4% from last month and +25.8% from last year. Single-family units not started are up +2.0% from last month and +24.6% from last year. Multi-family units remain consistent with the single-family market over the 1-year period, up +27.2%; over the past month…moreFebruary 2022 Residential Construction – US Census Bureau 

P.I.P. construction spending increased from $1.695T to $1.704T, a +0.5% increase from last month and an +11.2% increase from February 2021. Of the total spending, residential broke out to $859B or 50.4% and non-residential to $844B or 49.5%. Residential spending grew +1.1% from January 2022 and +16.5% from February 2021. Non-residential spending shrank –0.1% from last month but increased +6.2% from last year. Given the current inflation rate of 7.9% real volume of non-residential construction has decreased –1.7%. In other words, for every 100 buildings built between 2020 and 2021, the total number of buildings developed fell to 98.   Private spending…moreFebruary 2022 P.I.P Construction Spending – U.S. Census Bureau 

January 2022 Put in Place spending from the US Census Bureau shows total spend up +1.3% from last month and up +8.2% from January 2021. Total residential spending has increased by +1.3% this month as well, but is up +13.2% for the year. Non-residential construction spending increased as well by +1.3% this month with the 1 year spending increase at +3.7%. Manufacturing and Commercial construction stood out against other sectors over the past year. Manufacturing spend is up +8.4% compared to December 2021 and has increased +31.4% from this time in January of 2021. Commercial construction spending has decreased slightly…moreJanuary 2022 P.I.P. Construction Spending – Census Bureau

For January of 2022 the total number of permits issued for residential construction markets increased +0.7% from last month and +0.8% from this time last year. Single family housing permits were up +6.8% from last month however we see permits issued for SFH have fallen by -5.0% from last year. Multi-family permits are down -8.8% from last month and up +12.3% over the last year.  Over the past month we’ve seen total permits issued but not started increase by +4.9% with multi-family up +5.6% and single family up +3.3%From this time last year permits issued but not started have increased…moreJanuary 2022 Residential Construction – US Census Bureau

Total value of construction put in place was $1.64T for December 2021. An increase of +9% from December 2020. These figures are not accounting for inflation in material price and represent the total dollar value of put in place spending. Residential construction accounted for ~50% of total construction value, an increase from December 2020 when residential construction accounted for 47% of total construction value. From November 2021 residential construction increased by +1.1% and +14.7% from December 2020. Private non-residential construction spending rose +9.1% from December 2020 to December 2021. Manufacturing rose +30.4% over the past year with commercial following behind…moreDecember 2021 P.I.P. Construction Spending – Census Bureau

In December 2021 we saw an increase in housing units authorized by a total of +9.1% from November 2021. This was concentrated mainly in Multi-family housing units which saw an increase of +19.9% m/m. The single family market for permits declined -8.5% y/y from December 2020. Meanwhile multi-family permits rose +41.8% in the same time period. Permits authorized but not started rose +1.1% from November 2021 and +44.4% from December 2020. This large rise is seen throughout the market with an increase of +38.5% and 43.5% in single family and multi-family respectively from December 2020. Single-family units authorized but not…moreDecember 2021 Residential Construction – US Census Bureau