Ken Simonson
@KenSimonson
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AGC Chief Economist since 2001. 2012-13 President, NABE. Writes The Data DIGest, weekly one-page summary of construction economic news: http://t.co/OM0ktUds
Arlington, VA
Joined November 2011
Free webinar Tues 11-12:30 ET on economic impact of Sandy w/ 6 economists (I'll discuss consruction): http://t.co/ORUyOmOm.
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Construction spending better than #s show. Unreliable est. of res improvements masks strong gain in homebuilding & apts. Priv nonres up yoy.
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Construction spending hits 30-mo high; single-, multi-family, nonres gains outpace drop in public construction. Expect all 3 trends to last.
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ADP: June construction employment rose by 8,000, more than reversing declines of April & May. But BLS (report tomw.) often differs w/ ADP.
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AGC President Joe Jarboe & I gave a plug for SmartBrief at a meeting of 12 assn research directors today. We're big fans! simonsonk@agc.org.
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6/6 Beige Book: "Conditions in residential and commercial real estate improved. Construction picked up in many areas of the country.".
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Beige Book: several regions report construction growth in multifamily, energy, high-tech, hospitals, education; more commercial RE lending.
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Construction employment dips for 2nd straight month, falling 7K in March, but is up 55K (1%) from 3/11.
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Construction spending hits 20-mo high in Dec; mild weather (esp. vis-a-vis Dec '10) may have boosted housing, highways.
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Census surprises: DC tops 2010-11 % growth, TX 2nd; Sunbelt, NW, most Rocky Mtn, Plains states above avg except KS, NV, WY; ME, MI, RI slip.
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Only 19 states, DC add construction jobs in Nov, led by RI, NY; year-over-year 25 states, DC gain, led by ND, TX. More: http://t.co/GQ8zQQzj.
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Multifamily starts, permits soar: Nov starts +25% vs Oct, +145% vs 11/11; Nov permits +13% vs Oct, +71% vs 11/11. More in pipeline.
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Nov PPI for const materials: -0.1% vs Oct, 6.2% vs 11/10, outpacing bid prices & squeezing contractors. More info: http://t.co/GQ8zQQzj.
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Detailed but clear IHS Global Insight report documents bright future for shale gas, adding to demand for construction: http://t.co/z0JRzmb4.
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Manpower Inc survey ( http://t.co/Slr23StK): Construction only industry expecting drop in hiring in Q1 (worse outlook than for Q4).
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Construction employment in Nov: -12K (-0.2%) vs. Oct, +18K (0.3%) vs. Nov '10; very little change since Feb '10; unem rate 13.1%.
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Construction spending: +0.8% in Oct; 3rd straight gain but -0.4% vs. Oct '10. Revisions: Sep +0.6%, Aug +0.5%. Private side getting stronger.
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Beige Book: Commercial construction was somewhat mixed: steady/up in Clev, Chi, Minn; weak in NY, Phil; slow in Rich, StL but with indus up.
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