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April 10, 2023

The Private Market and Economic Outlook – April 2023

The Private Market and Economic Outlook - April 2023

The latest Construction Put in Place (CPiP) numbers were released on earlier this month, by the U.S. Census Bureau, covering design and construction spending data for both private and public sectors for the month of February 2023. Total design and construction spending was up year-over-year by 5.2%.  The most important number to watch was that private residential spending was down -5.7% y/y for February 2023. Private non-residential was up significantly by 19.4% and public spending was up by 12.8%.

The top five markets showing positive design and construction spending, based on year-over-year analysis from February 2022 to February 2023 included Manufacturing (up 53%), Lodging (up 38.8%), Conservation & Development (up 25.6%), Commercial (up 22.8%) and Sewage and Waste Disposal (up 21.9%).

The coolest markets with a decline in growth included Residential (down -5.1%) and Power (down -3.4%). The remaining three markets experienced growth but were minimal compared to the other market spikes and included Communication (up 4.6%), Educational (up 8.6%) and Religious (up 9.4%). Overall, the decline in design and construction spending in the residential market was predicted to be indicative of an economic downturn in the U.S.  Manufacturing continues to increase as consumer spending remains strong and the jump in Lodging is likely a rebound from the COVID induced recession.

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April 10, 2023



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