By Manuel Gutierrez, Consulting Economist to NKBA

Overall growth is still nearly 14 percent ahead of a year ago. 

• Residential construction remains the strongest, up 1.1 percent over January and 16.6 percent in the past year for an annual pace of $851 billion.
• Single-family homes are the strongest sub-group, pacing at 20 percent above last year, with multifamily up 7.8 percent.
• Non-residential construction continues to lag, essentially flat over the previous month.
• The pace of spending for residential construction is expected to slow due to rising mortgage rates, which hit 5 percent in the latest, Mid-April report.
• Several non-residential sectors appear to be experiencing a sustained recovery, with Office construction up 6.6 percent, Manufacturing 35 percent, Retail 18.8 percent, and Health Care 9.3 percent over a year ago.
• At the other end of the spectrum, construction prospects are dim for Financial building (e.g., banks) down by 17 percent, Lodging and Shopping Malls, off by 25 percent, and Movie Theaters running 51 percent below February of last year.

“The 1.2 percent gain in consumer prices for March is the highest in fifteen years.”