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Posts Tagged ‘market’

Ranking and Reviewing America’s Top Dozen Exporting States

Tuesday, April 3rd, 2018

Article source: ConstructConnect

This article provides a ranking of America’s Top Dozen States according to their goods export volumes in full year 2017.

Total U.S. goods exports last year amounted to almost one-and-a-half trillion dollars.

Ranking and Reviewing America’s Top Dozen Exporting States Graphic

The background foreign trade data comes from the Census Bureau’s web-based site entitled USA Trade Online. While it’s relatively easy to open a free account, if one is not familiar with ‘pivot tables’, there is a bit of a learning curve to access the statistics.

The type-of-product designations follow the definitions in the North American Industry Classification System (NAICS).

(1) Texas:

Texas, with export shipments of $264.1 billion and a 17.9% share of the nation’s total, was the leader among U.S. states for foreign sales in 2017. The NAICS category at the top of the Lone Star State’s exports list was ‘computer and electronic products’ ($47.0 billion), but close behind were ‘petroleum and coal products’ ($44.0 billion), ‘chemicals’ ($40.0 billion) and ‘oil and gas’ ($32.0). ‘Chemicals’ exports were dominated by synthetic rubber.

While Texas has a high level of computer-product exports, it would be more accurate to say that the State is especially strong in energy-product export sales. Energy products as a catch-all would combine refined petroleum (e.g., gasoline), chemicals, crude oil and natural gas for more than $100 billion.

In 2017, there were substantial increases in oil exports from Texas to China, Canada and South Korea. Other major customers for Texas crude last year were Mexico and Brazil.

(more…)

Spring 2018 Put-in-place Construction Forecasts for Canada

Tuesday, March 27th, 2018

Article source: ConstructConnect

The historical records of Canada’s put-in-place capital spending numbers for residential, commercial, industrial, institutional and engineering construction are to be found in Statistics Canada’s on-line Cansim Tables 026-0013, 026-0016 and 029-0045.

Whereas construction ‘starts’ numbers are lump-sum figures entered at the time of groundbreaking, the ‘put-in-place’ data series are meant to mirror progress payments as projects proceed.

2018 03 26 Canada put in place construction forecasts Graphic

The history i n those previously mentioned Cansim Tables, however, currently stops at 2017. But there is another source for 2018 estimates – the non-residential Capital and Repair Expenditures (CARE) survey.

There’s a problem, though. The 2018 data from CARE is set out according to capital spending by industrial sectors. These is no re-arrangement of those amounts according to the five type-of-structure categories.

(more…)

ConstructConnect’s February 2018 Starts -8.4% Versus Prior Five-Year Average

Monday, March 19th, 2018

Article source: ConstructConnect

ConstructConnect announced today that February’s volume of construction starts, excluding residential activity, was $23.6 billion. The latest month-to-month change in the volume of starts, at -24.3%, was more than the usual mild drop from January to February due to seasonality.

2018-03-19-US-Nonresidential-Construction-Starts-February-2018

February of this year relative to February of last year was -35.5%. The level of starts in February 2017, however, was unusually high, $36.6 billion. Comparing February of this year with the average for February in the preceding five years (2013 to 2017), the change was -8.4%. February of this year versus the average for the four years 2013 to 2016 (i.e., omitting 2017) was +2.4%.

Year-to-date nonresidential starts in 2018 have been -26.4% versus January-February of 2017. The first-two-months of this year versus the comparable period in 2016 was a less severe slide of -3.2%.

The starts figures throughout this report are not seasonally adjusted (NSA). Nor are they altered for inflation. They are expressed in what are termed ‘current’ as opposed to ‘constant’ dollars.


View this information as an infographic
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‘Nonresidential building’ plus ‘engineering/civil’ work accounts for a larger share of total construction than residential activity. The former’s combined proportion of total put-in-place construction in the Census Bureau’s January report was 60%; the latter’s share was 40%.

ConstructConnect’s construction starts are leading indicators for the Census Bureau’s capital investment or put-in-place series. Also, the reporting period for starts (i.e., February 2018) is one month ahead of the reporting period for the investment series (i.e., January 2018.)

Over the past four months, jobs growth in construction has been surging. From November 2017 through January 2018, the month-to-month employment pickups were +42,000, +42,000 and +40,000 respectively. February’s result was a further quickening of the pace, +61,000. The combined four-month gain in construction hiring has been +185,000 jobs. The last time there was such a substantial four-month increase was from January to April 2006, +193,000. In 2006, though, there was a homebuilding boom, fueled by subprime mortgages, that turned into a bust.

Total construction employment is still half a million jobs below its prior peak in 2007, before the onset of the Great Recession. That gap will likely be eliminated quickly. According to the latest Employment Situation report from the Bureau of Labor Statistics (BLS), the U.S. construction sector is generating jobs at a year-over-year rate (+3.7%) that is more than twice as fast as for all workers in the economy (+1.6%). The unemployment rate in the sector in the latest February was 7.8%. Twelve months ago, it had been 8.8%. The jobless figure is traditionally worse in winter.

The Employment Situation report also includes jobs results for three other sectors with close ties to construction. Employment with ‘real estate’ offices in February was +1.7% year over year; with ‘building material and garden supply stores’, +3.9%; and with ‘architectural and engineering services’ firms, +3.3%. Since designers must provide assembly instructions before projects can proceed, their +3.3% staffing increase suggests ongoing healthy construction activity.
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3 Maps Showing 2017 versus 2016 Housing Starts in American States

Tuesday, March 13th, 2018

The three maps in this infographic focus attention on the 2017-over-2016 percentage changes in homebuilding activity in America’s states. The Census Bureau does not publish home starts statistics at the state level, but it does compile and release residential permits numbers.

3 Maps Showing 2017 versus 2016 Housing Starts in American States Graphic

Therefore, the shadings in the maps are based on permits data (in units). The words ‘permits’ and ‘starts’ will be used interchangeably in the following commentary.

The total number of new home permits in the U.S. in 2017 was +6% compared with 2016. As the ‘legend-key’ sets out, individual states with percentage increases over +6% are shaded in green − for warmth.

As the shading moves from lighter green to darker green, the percentage increases move higher.

States shaded in blue − for chillier − had year-over-year increases that were +6% or less. The darkest shades of blue are reserved for states where there were significant 2017-over-2016 declines.

(more…)

U.S. December Jobs Creation ‘Weakish’, but Construction Compensation Bullish

Friday, January 5th, 2018

Article source: ConstructConnect

U.S. net total jobs creation in the final month of last year was a tepid +148,000, according to the latest Employment Situation report from the Bureau of Labor Statistics (BLS). The ‘weakish’ December result caused the monthly average throughout all 2017 to pull back slightly to +171,000

Just the same, +171,000 as a monthly average in 2017 signifies a more than satisfactory performance, although it was down from 2016’s comparable figure of +187,000.

The U.S. unemployment rate in December remained the same as in November, at an exceptionally tight 4.1%.

The seasonally adjusted (SA) number of U.S. construction jobs recorded a nice gain in December of +30,000. Such a substantial increase in employment for on-site workers was the biggest leap since February 2017’s +54,000.
(more…)

ConstructConnect’s YTD Starts +2% after May’s Rise of +5%

Tuesday, June 20th, 2017

Article source: ConstructConnect

ConstructConnect announced today that May construction starts, excluding residential activity, were +5% versus April. The modest rise fell a little short of the usual percentage change between April and May, due to seasonality, of +8%.

2017-06-12-US-Nonresidential-Construction-Starts-Apr-2017

Versus May of last year, nonresidential starts in the fifth month of this year were +2.0%.

Compared with January through May of last year, the year-to-date volume of starts in 2017 has been +1.9%.

The starts figures throughout this report are not seasonally adjusted (NSA). Nor are they altered for inflation. They are expressed in what are termed ‘current’ as opposed to ‘constant’ dollars.

‘Nonresidential building’ plus ‘engineering/civil’ work accounts for a considerably larger share of total construction than residential activity. The former’s combined proportion of total put-in-place construction in the Census Bureau’s April report was 56%; the latter’s was 44%.

ConstructConnect’s construction starts are leading indicators for the Census Bureau’s capital investment or put-in-place series. Also, the reporting period for starts (i.e., May 2017) is one month ahead of the reporting period for the investment series (i.e., April 2017.)
(more…)

Nonresidential Construction Starts Trend Graphs – May 2017

Tuesday, June 13th, 2017

Article source: ConstructConnect

Clichés are often true and it is the case that a picture can be worth a thousand words.

2017-06-12-US-Nonresidential-Construction-Start-Trends-May-2017

Below are six graphs recording 12-month moving averages of ConstructConnect ’s nonresidential construction starts.

When the value of the current month is higher than for the same month a year ago, the line will turn up; when lower, it will dip.

String a couple of similar positive or negative directional changes together over several months and one has a trend.

And that’s what the graphs are designed to do, show improving or deteriorating trends in a dozen major and more granular categories of construction work. (more…)

A Dozen Mid-March Economic Nuggets

Monday, March 13th, 2017

Article source: ConstructConnect

Further big improvements in America’s labor market statistics at the beginning of this year – with net new jobs creation climbing by almost half a million (+473,000) and the unemployment rate falling to a tight 4.7% − have convinced many analysts that the Federal Reserve will be acting quite aggressively in 2017 to hike interest rates. Where before there was an expectation that the federal funds rate would be lifted two or three times through December, by 25 basis points on each occasion (with 100 basis points equaling 1.00%), the consensus now is for an upward adjustment more frequently, either three or four times.

The Fed is probably hoping to attain, in easy-to-absorb stages over this year and next, a key policy-setting rate close to 3.00%. Nor are stock markets viewing such a prospect with anything like the same amount of dread as in the not so distant past. Share prices have been on a roll that has taken them to all-time highs.

Canada’s most recent employment report had a bottom line figure that wasn’t particularly outstanding (i.e., net new jobs of +15,000 in February), but included in the detail was an impressive increase in full-time staffing (+105,000), with most of the gain (+84,000) coming among what are termed ‘core-aged’ women (i.e., females 25-to-54 years of age).
(more…)

9% Drop in ConstructConnect’s January Starts Matches Usual Seasonality

Wednesday, March 1st, 2017

Article source: ConstructConnect

ConstructConnect announced today that January’s level of U.S. construction starts, excluding residential activity, was $24.6 billion, a decrease of 9.1% versus the dollar volume in the period before. The month-to-month drop was almost an exact match for the usual December-to-January decline of -8.5%. Due to harsh winter weather – which is another way of saying ‘seasonality’ – January is traditionally the worst month of the year for construction groundbreakings or starts.

2017-02-27-US-Nonresidential-Construction-Starts-Jan-2017

Starts in January 2017 versus their level in January 2016 were also down, -11.6%. January 2017 compared with average January starts over the five years, 2012 to 2016, was +6.0%.

The starts figures throughout this report are not seasonally adjusted (NSA). Nor are they altered for inflation. They are expressed in what are termed ‘current’ as opposed to ‘constant’ dollars.

‘Nonresidential building’ plus ‘engineering/civil’ work accounts for a considerably larger share of total construction than residential activity. The former’s combined proportion of total put-in-place construction in the Census Bureau’s December report was 61%; the latter’s was 39%.

ConstructConnect’s construction starts are leading indicators for the Census Bureau’s capital investment or put-in-place series. Also, the reporting period for starts (i.e., January 2017) is one month ahead of the reporting period for the investment series (i.e., December 2016.)
(more…)

Washington Sets the Pace in Northern Atlantic Region

Thursday, July 21st, 2016

Article source: ConstructConnect

The accompanying tables rank seven major cities along America’s northern Atlantic coastline according to eight demographic and economic criteria. In the ‘overall’ listing that appears at the end of this article, Washington comes out best and Philadelphia worst. To reach those conclusions, however, it has been necessary to journey through the following data sets.

Population size: It’s no surprise that New York (20.2 million) is number one in terms of population size. Washington and Philadelphia (both with 6.1 million) are virtually tied for second. Across the U.S. as a whole, the population of Los Angeles (13.3 million) is not as big a step back from ‘The Big Apple’ as one might suppose.

Population change: With respect to population change, measured as the average annual growth rate over the latest two years for which statistics are available, Washington (+1.12%) is on top, followed by Richmond (+1.00%). New York (+0.47%) is in the middle and Philadelphia (+0.28%) and Providence (+0.25%) are barely making any headway at all.

Housing Starts: Residential building permits, as compiled by the Census Bureau and readily made available at the website of the National Association of Home Builders (NAHB), serve as the equivalent of new home starts for cities in the U.S. Through May of this year, New York (14,582 units) has been the leader in the number of residential building permits issued. Washington (10,937) has placed second. Providence hasn’t even exceeded 1,000-units.
(more…)

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