Welcome to ACEC’s August economic update. Each month, the ACEC team analyzes the latest industry data and provides insights for the engineering and design industry.
Here are the top 3 things you need to know:
Number 1 — 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 and non-residential.
Number 2 — The hottest market in the private, non-residential sector is still manufacturing, which is up nearly 23% from the previous year.
Number 3 — 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 more than 9% year-over-year increase from June.
There you have it. The economic update series is one of ACEC’s resources for media and members.
For a deeper dive, check out all of ACEC’s popular Private Industry Briefs and ACEC’s full slate of private market offerings at ACEC.org.
Thanks, and we’ll see you again next month.
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