MetroIntelligence Economic Update by P. DUFFY
Construction spending dips 0.5 percent in September, but up 7.8 percent year-on-year
Construction spending during September 2021 was estimated at a seasonally adjusted annual rate of $1,573.6 billion, 0.5 percent below the revised August estimate of $1,582.0 billion. The September figure is 7.8 percent above the September 2020 estimate of $1,459.3 billion. During the first nine months of this year, construction spending amounted to $1,177.5 billion, 7.1 percent above the $1,099.8 billion for the same period in 2020.
Manufacturing sector index slips 0.3 points to 60.8 in October, but remains well in expansion territory
The October Manufacturing PMI® registered 60.8 percent, a decrease of 0.3 percentage point from the September reading of 61.1 percent. This figure indicates expansion in the overall economy for the 17th month in a row after a contraction in April 2020. All segments of the manufacturing economy are impacted by record-long raw materials lead times, continued shortages of critical materials, rising commodities prices and difficulties in transporting products, although panel sentiment remains strongly optimistic, with four positive growth comments for every cautious comment.
Share of Redin users looking in a different metro area slips to 30.2 percent in 3Q2021
Nationwide, 30.2% of Redfin.com users looked to move to a different metropolitan area in the third quarter of 2021, down from 31.1% in the second quarter and a peak of 31.5% at the start of the year. That marks the second-straight quarter of declines following four-consecutive quarters of increases. Still, interest in relocation during the third quarter remained higher than it was a year earlier (29.2%) and before the pandemic (~26%).