Census adds detail to construction data by segment.
The Census Bureau today released revised and more detailed estimates of value of construction put in place (www.census.gov/pub/const/C30/newtc.html). The new data categorize construction by end use rather than owner or functional category. For example, private medical office buildings were classified as "office" buildings previously, but under the new classification these buildings are in "health care." Data are provided separately on federal and state/local construction, and on numerous types of commercial, educational, manufacturing, amusement and recreation, and public works construction. The total for May 2002 has been reduced slightly (to a seasonally adjusted annual rate of $847 billion, from $852 billion reported July 1) but comparisons to April 2002 (down 0.2%) and May 2001 (down 0.3%) are similar to the initial report.
Two reports on home sales released Thursday pointed in opposite directions. The government reported that sales of new single-family homes in June were essentially unchanged from May. The May and April figures were each revised down by more than 2% from the previous report, but the last two months are each 12% higher than the comparable months of 2001. Meanwhile, the National Assn. of Realtors reported that existing-home sales in June tumbled 12% from May and 4% from June 2001. But on a quarterly basis, both new and existing-home sales are at or near record levels. In addition, both show the median home-sales price rose over the past year, implying that most homeowners (even non-sellers) have experienced rising wealth that at least partially offsets stock market losses.
Seasonally adjusted durable goods orders (excluding semiconductors) fell 3.8% from May to June, the sharpest drop in 7 months, Census reported yesterday. The report was a surprise in light of positive indicators for June from the Federal Reserve's industrial production index and the Institute of Supply Management's index, both of which also gauge manufacturing activity.