At first glance, the recent monthly construction spending figures look awful. The three-month-on-three-month growth rate of residential construction spending at least climbed back into positive territory in February. But private non-residential construction spending growth has slowed sharply and public construction spending has fallen off a cliff. The more we look at these figures, however, the more we think something has gone badly wrong with the seasonal adjustment.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services