Deputy Assistant Secretary Tara Sinclair and Assistant Secretary Van Nostrand and Special Assistant Gupta discuss The construction of the manufacturing industry continued to prosper. Here is a graph:
source: Van Nostrand, Sinclair, Gupta (2023).
One would not see such a move for non-macro policies. I wonder what this means in the context of private non-residential fixed investment as a whole. Here is the picture.
figure 2: Private nonresidential fixed investment (blue) and manufacturing construction (tan), in billions of 2012 seasonally adjusted returns (SAAR). The producer price index (PPI) for construction materials and components led to a decline in the manufacturing construction sector. Recession peak-to-trough dates as defined by NBER are grayed out. Sources: BEA, Census, BLS, NBER, and authors’ calculations.
At the risk of misusing the data (one has to be careful about chain-weighting the real index), manufacturing construction appears to be keeping total private non-residential investment steady.
image 3: Contributions from month-on-month growth in private nonresidential fixed investment (black line), manufacturing construction (tan bars), and all others (blue bars), in %. Recession peak-to-trough dates as defined by NBER are grayed out. Sources: BEA, Census, BLS, NBER, and authors’ calculations.
