Stat of the Day: Private Data Shows Building Soared in May
A private research firm names Sageworks published a report today picked up by Reuters showing that private firms increased building in May by a whopping 4.6%. It was significantly higher then the gains in March and April and let to the first 3 month increase in 6 months. Our great government was reporting construction numbers from April today. Aren't they efficient. Those construction numbers showed a larger then expected increase, but this report from Sageworks is even more bullish. One caveat though is that I know very little about the accuracy of this report or its history. Its a very bullish data point for CAT, MTW, and TEX. It also shows how the naysayers have been so wrong about this rally. The momentum just continues to feed on itself. The stock market goes up so more people buy stuff, then more stuff needs to be built, then the government reports turn out bullish, then the stock market goes up. This pattern continues until the Fed makes monetary changes to slow down the gr...