Construction Spending Ticks Up in November; Highways Down

The U.S. Census Bureau announced that construction spending during November 2021 was estimated at a seasonally adjusted annual rate of $1,625.9 billion, 0.4% (±1.0%) above the revised October estimate of $1,618.8 billion. The November figure is 9.3% (±1.2%) above the November 2020 estimate of $1,487.2 billion. 

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The Inflation Threat – More Concerning Than We Expected

I have written extensively in the past in this and our sister publication Concrete Products about how the Fed has balanced the economy over the past many years, maintaining low interest rates against the backdrop of strong employment numbers, which is a real parlor trick at a minimum. And more recently, I corrected myself and said our firm’s view of…

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The End of the Beginning

The year 2021 was truly a momentous one. The passage of the Infrastructure Investment and Jobs Act (IIJA) was a long-time coming, but it means we are going to see long-overdue improvements to the nation’s roads and bridges, and that is going to require a lot of aggregate. As we enter 2022, producers do so with high anticipation. However, the…

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