at Calculated Risk on 11/04/2024 02:06:00 PM
This was released on Friday. From the Census Bureau reported that overall construction spending decreased:
Construction spending during September 2024 was estimated at a seasonally adjusted annual rate of $2,148.8 billion, 0.1 percent above the revised August estimate of $2,146.0 billion. The September figure is 4.6 percent above the September 2023 estimate of $2,055.2 billion.
emphasis added
Private spending was unchanged and public spending increased:
Spending on private construction was at a seasonally adjusted annual rate of $1,653.6 billion, virtually unchanged from the revised August estimate of $1,653.2 billion. …
In September, the estimated seasonally adjusted annual rate of public construction spending was $495.2 billion, 0.5 percent above the revised August estimate of $492.9 billion.
Click on graph for larger image.
This graph shows private residential and non-residential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.
Residential (red) spending is 6.8% below the peak in 2022.
Non-residential (blue) spending is 0.8% below the peak in June 2024.
Public construction spending is at the peak.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is up 4.1%. Non-residential spending is up 3.5% year-over-year. Public spending is up 7.0% year-over-year.
This was close to consensus expectations of no change in spending.