at Calculated Risk on 12/02/2024 10:45:00 AM
From the Census Bureau reported that overall construction spending increased:
Construction spending during October 2024 was estimated at a seasonally adjusted annual rate of $2,174.0 billion, 0.4 percent above the revised September estimate of $2,164.7 billion. The October figure is 5.0 percent above the October 2023 estimate of $2,071.1 billion.
emphasis added
Private spending increased and public spending decreased:
Spending on private construction was at a seasonally adjusted annual rate of $1,676.4 billion, 0.7 percent above the revised September estimate of $1,664.7 billion. …
In October, the estimated seasonally adjusted annual rate of public construction spending was $497.6 billion, 0.5 percent below the revised September estimate of $500.0 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 4.7% below the peak in 2022.
Non-residential (blue) spending is 0.5% below the peak in June 2024.
Public construction spending is 0.5% below the peak in September 2024.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is up 6.4%. Non-residential spending is up 3.5% year-over-year. Public spending is up 4.5% year-over-year.
This was above consensus expectations and spending for the previous two months was revised up.