ACEC Monthly Economic Update – September 2022

Here are the toplines from this month’s update:

• Total design and construction spending was up more than 8% this June, compared to the same time last year says the U.S. Census Bureau. The category remains driven by private residential spending (+15%), along with private non-residential which is still up, but not as much as previous months at (+1.7%). Public spending is now showing a slight decline (-2.7%) year-over-year.
• The hottest market in the private, non-residential sector is still manufacturing, which is up nearly 23% from the previous year.
• The U.S. economic outlook is mixed when it comes to inflation, jobs numbers, and GDP. With two consecutive quarters of negative GDP growth we have, by definition a recession. 

However, record job growth paints a brighter picture. The most recent jobs report from the Bureau of Labor Statistics surprised many adding more than half a million jobs in July.

When it comes to inflation, the consumer price index also shows positive movement. The consumer price index or CPI from the Bureau of Labor Statistics measures the price of everyday goods including gasoline and groceries. The CPI rose 8.5% in July from a year ago. While still high, that’s below the 9.1% year-over-year increase from June.

The economic update series is one of ACEC’s resources for media and members, which also includes ACEC’s popular Private Industry Briefs. The briefs provide analysis on five key markets: Commercial and Real Estate; Intermodal and Logistics; Energy and Utilities; Health Care and Science+Technology; and K-12 & Higher Education.

Learn more about ACEC’s full slate of private market offerings here.