Construction Spending Grows at Slowest Rate since December 2011

According to the Census Bureau, the value of construction put in place in August 2014 was $89,274 (millions of real dollars). Compared to one year ago, spending in August was up just 1.1%. That was the slowest rate of month-over-month growth since December 2011. And, 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 March. 

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