Construction Spending Growth Slowest since Nov. '14

(Neutral) The value of construction put in place in April 2016 was $91,567 (millions of real dollars). Compared with one year ago, spending in April was up 8.8 percent. This was the first time the month-over-month rate of growth fell below 10 percent since November 2014, and it was the slowest rate of growth since that same time. The month-over-month rate of growth has decelerated substantially since September 2015. As a result, the annual rate of growth decelerated for the second straight month. This trend will continue in the upcoming months.

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