The
Construction Monthly Metals Index (MMI) ticked up 1.0% for this month’s reading, as US construction spending dipped in February.
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US construction spending
Construction spending in February reached a seasonally adjusted annual rate of $1,516.9 billion, or 0.8% below the revised January estimate of $1,529.0 billion, the Census Bureau reported.
Meanwhile, the February rate marked an increase of 5.3% year over year.
Furthermore, spending the first two months of 2021 totaled $213.2 billion, or up 4.9% year over year.
In the private sector, spending reached a rate of $1,165.7 billion, or down 0.5% from January. Under private construction, residential construction fell 0.2% to $717.9 billion. Nonresidential construction spending fell 1.0% to $447.8 billion.
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The
Construction Monthly Metals Index (MMI) picked up by 4.4% this month, as December construction spending rose and the Biden infrastructure plan could serve as a major support beam for metals prices.
Biden’s infrastructure plans
Despite the typically bipartisan support at least in word infrastructure spending typically garners, a major infrastructure bill never came to pass during the Trump administration.
The House passed a $1.5 trillion infrastructure bill in July 2020. However, the bill never advanced further amid opposition in the Senate and from then-Senate Majority Leader Mitch McConnell.
So, what has President Joe Biden said about infrastructure?
As a candidate, he called for the construction of a “modern, sustainable infrastructure” to deliver an “equitable clean energy future.”
Construction Monthly Metals Index (MMI) ticked up 5.8% this month, as U.S. construction spending rose in November.
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U.S. construction spending
U.S. construction spending reached a seasonally adjusted annual rate of $1,459.4 billion in November, the Census Bureau reported this week.
The November rate marked a 0.9% increase from the previous month. Furthermore, the rate increased 3.8% year over year.
Meanwhile, construction spending through the first 11 months of 2020 totaled $1,314.1 billion, up 4.4% compared with the first 11 months of 2019.
Meanwhile, private construction reached a rate of $1,111.8 billion, or up 1.2% from October. Under the umbrella of private construction, residential construction reached $658.1 billion in November, or up 2.7%. Nonresidential construction dipped 0.8% to $453.8 billion.