3/2: MetroIntelligence Economic Update by P. Duffy

Construction Spending Fell 1.0 Percent in January Due to Drop in Public Outlays

U.S. construction spending unexpectedly fell by 1.0 percent in January as the biggest drop in public outlays since 2002 offset gains in investment in private projects, pointing to moderate economic growth in the first quarter.

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December Case-Shiller Index up 0.2 percent from November and 5.6 percent year-on-year

The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.8% annual gain in December, up from 5.6% last month and setting a 30-month high.   National Index posted a month-over-month gain of 0.2% in December.

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4Q2016 GDP growth pegged at 1.9 percent in second estimate

Real gross domestic product (GDP) increased at an annual rate of 1.9 percent in the fourth quarter of 2016, according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.5 percent.

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Durable goods orders rebounded 1.8 percent in January

Bookings for goods meant to last at least three years rose 1.8 percent after a 0.8 percent decrease in December; Bookings for non-military capital goods excluding aircraft — a proxy for future business investment — unexpectedly fell 0.4 percent after a 1.1 percent jump in the prior month that was larger than previously estimated.

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Consumer Confidence Rose Again in February To 15-Year High

Consumer confidence increased in February and remains at a 15-year high. Expectations improved regarding the short-term outlook for business, and to a lesser degree jobs and income prospects.

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