Overall, total momentum is positive in both the Private and State/Local sectors with momentum of 5.6% and 1.2% respectively. The federal construction spending has a negative momentum, but proportionally is less than 2% of all construction spending (meaning this will not affect the total momentum significantly).
Construction Put-In-Place: Total non-seasonally adjusted (NSA), CPIP grew by 8.7% for the 12 months ending December to $1,280.6 Bn, (chained 2009 $). The 3 month y/y basis as overall momentum (defined as the 3 month growth rate subtract 12 month growth rate), was positive 4.6%. Momentum was the greatest in the Conservation category (the smallest expenditure outlay), which saw a 15.5% gain. Private spending continues to be positive, up 12.9% y/y and 18.5%, 3 months y/y. Public spending declined y/y, as state & local spending was off 1.3% y/y falling to -0.2% on a 3 month y/y comparison. Federal spending also declined,Table 1.
As the Trump Administration continues to support the need for an increased infrastructure budget, with congressional support, we may expect to see this decision impact the CPIP going forward