bee Calculated Risk On 2/03/2025 10:17:00 AM
From the Census Bureau Reported That Overall Construction Spending Increased:
Construction Spending during December 2024 was estimated at a seasonally Adjusted Annual Rate of $ 2,192.2 Billion, 0.5 PERCENT ABOVE The Revised November Estimate of $ 2,180.3 Billion. The December Figure is 4.3 percent above the December 2023 estimate of $ 2,101.3 billion.
The value of construction in 2024 was $ 2,154.4 Billion, 6.5 percent above the $ 2,023.7 Billion Spent in 2023.
Emphasis added
Private Spending increased and public spending decreased:
Spending on Private Construction was at A Seasonally Adjusted Annual Rate of $ 1,688.5 Billion, 0.9 Percent Above the Revised November Estimate of $ 1.674.1 Billion. …
In December, the estimated seasonally adjusted annual rate of public construction spending was $ 503.6 billion, 0.5 percent below the revised November estimate of $ 506.2 billion.
Click on graph for larger image.
This graph shows Private Residential and NonResidential Construction Spending, and Public Spending, Since 1993. Note: Nominal dollars, not inflation adjusted.
Private Residential (Red) Spending is 4.2% below the Peak in 2022.
Private Non-Presidential (Blue) spending is at a new peak.
Public Construction Spending is 0.6% below the Peak in October 2024.
The second graph shows the year-over-year change in construction spending.
On a year-over-year base, Private Residential Construction Spending is UP 6.0%. Private non-presidential spending is up 2.3% year-over-year. Public Spending is up 4.3% year-over-year.
This was above consensus expectations and spending for the previous two months was revised up.