The U.S. government tracks total construction
spending — and the latest figures for April
suggest that the economy is slowing.
Private construction
spending peaked nearly
a year ago, according to
the U.S. Census Bureau.
This category includes
housing, offices, retail
centers and the power
grid. Since May 2018,
private construction
spending has tumbled
6.2% to a seasonally
adjusted annual rate of
$954 billion.
This decline has been largely offset by a
surge in public construction, a category that
includes schools, highways
and sewers.
But it’s still a worrisome
sign.
The last prolonged dip in
private construction
spending began after
February 2006. The
spending steadily trailed off
ahead of the economy
entering a recession in
December 2007.