5/5: MetroIntelligence Economic Update by P. DUFFY

March construction spending rose 0.9 percent from February, up 4.7 percent year-on-year

Construction spending during March 2020 was estimated at a seasonally adjusted annual rate of $1,360.5 billion, up 0.9 percent from and 4.7 percent year-on-year.  During the first three months of this year, construction spending amounted to $297.0 billion, up 6.7 percent from the same period of 2019.



Manufacturing sector index sees steepest contraction since 2009 in April

ISM’s PMI index for manufacturing fell 7.6 points to 41.5 percent in April, for the steepest contraction since April 2009.  Comments from the panel were strongly negative (three negative comments for every one positive comment) regarding the near-term outlook, with sentiment clearly impacted by the coronavirus (COVID-19) pandemic and continuing energy market recession.



April car sales down 36.6 percent from March and 52.5 percent year-on-year

April will be a record down month for the auto industry due to the coronavirus (COVID-19) pandemic, with forecasts that 633,260 new cars and trucks will have been sold in the U.S., for an estimated seasonally adjusted annual rate (SAAR) of 7.7 million. This reflects a 52.5 percent decrease in sales from April 2019, and a 36.6 percent decrease from March 2020.