Carney: Real Construction Spending is Falling in Age of Bidenflation

Carney: Real Construction Spending is Falling in Age of Bidenflation


Residential construction, which has obviously been much stronger over the past year, rose 0.9 percent in November and is up 16 percent over the past year. But when we offset that against materials costs, real construction activity appears to be down by around 16 percent.

Spending on public construction projects fell 0.2 percent in November and is down 0.9 percent over the past 12 months, perhaps somewhat surprising given the huge amount of deficit spending we saw last year. The infrastructure bill passed last year might turn this around in 2022.

The pandemic is still weighing on non-residential construction, which was flat last month and is up just 3.4 percent in non-inflation adjusted terms over the past year. Office construction is down 32.1 percent

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