at Calculated Risk on 10/01/2024 12:44:00 PM
From the Census Bureau reported that overall construction spending decreased:
Construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1 percent below the revised July estimate of $2,133.9 billion. The August figure is 4.1 percent above the August 2023 estimate of $2,047.4 billion.
emphasis added
Private spending decreased and public spending increased:
Spending on private construction was at a seasonally adjusted annual rate of $1,642.2 billion, 0.2 percent below the revised July estimate of $1,645.8 billion. …
In August, the estimated seasonally adjusted annual rate of public construction spending was $489.8 billion, 0.3 percent above the revised July estimate of $488.2 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 8.2% below the peak in 2022.
Non-residential (blue) spending is 0.5% below the peak in June 2024.
Public construction spending 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 2.7%. Non-residential spending is up 3.6% year-over-year. Public spending is up 7.8% year-over-year.
This was below consensus expectations for a 0.1% increase in spending.