Construction Spending Grows at Second Slowest Rate Since December 2011

According to the Census Bureau, the value of construction put in place in September 2014 was $88,251 (millions of real dollars). Compared to one year ago, spending in September was up just 1.0%. This was a little faster growth than the revised data for August, which had a growth rate of just 0.4%. These are the two slowest months of monthly growth in total construction spending since December 2011. Except for October, the month-over-month rate of growth has generally decelerated since January. As a result of the slower month-over-month growth, the annual rate of growth appears to have peaked and has slowed to its slowest rate of growth since January. 

Real construction spending is a good leading indicator for construction materials, hardware, and HVAC industrial production.