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    Analysis

    December 6, 2021

    CPIP Data: Construction Spending Inches Up in October

    Written by David Schollaert

    U.S. construction spending rose fractionally in October after contracting the two months prior, but actual construction outlays year-to-date are 7.5% greater than the first 10 months of 2020, the Commerce Department reported.

    The Census Bureau’s report on construction spending shows residential slipped 0.5% during October, the once meteoric market now in its fourth month of easing. Despite strong buyer demand and dwindling inventories of existing homes, persistent shortage of materials and labor in a substantially higher-cost environment have forced builders to tap the breaks on new development. Nonresidential outlays rose 0.9% in October, the fourth straight month spending has either been flat or improved.

    David Schollaert

    David Schollaert is deputy editor-in-chief for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. He can be contacted at david@steelmarketupdate.com or 724-720-1008.

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