So a week ago this past Friday, on May 1, 2015, the Census Bureau of the Department of Commerce released the Value of Construction Put in Place Survey (VIP). The VIP is a report of provides monthly estimates of the total dollar outlay of construction work in the U.S.A.
The survey covers construction work done each month on new structures or improvements to existing structures for private and public sectors. Data estimates include the cost of labor and materials, cost of architectural and engineering work, overhead costs, interest and taxes paid during construction, and contractor’s profits.
After removing the effects of monetary accretion, chart after chart reveals the sorry state of construction in the USA.
Soon, I shall be releasing a special web service that has all of the charts derived from this survey, updated automatically. This service will have all of the key economic indicator surveys, price adjusted so you can understand reality.
For now, though, I want to share with you a few key charts from the VIP.
One of the few bright spots on construction spending can been seen in private enterprise spending on manufacturing.