at Calculated Risk on 1/02/2025 10:00:00 AM
From the Census Bureau reported that overall construction spending increased:
Construction spending during November 2024 was estimated at a seasonally adjusted annual rate of $2,152.6 billion, virtually unchanged from the revised October estimate of $2,152.3 billion. The November figure is 3.0 percent above the November 2023 estimate of $2,090.7 billion.
emphasis added
Private spending increased and public spending decreased:
Spending on private construction was at a seasonally adjusted annual rate of $1,650.7 billion, 0.1 percent above the revised October estimate of $1,649.8 billion. …
In November, the estimated seasonally adjusted annual rate of public construction spending was $501.9 billion, 0.1 percent below the revised October estimate of $502.5 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 7.6% below the peak in 2022.
Non-residential (blue) spending is 0.4% below the peak in June 2024.
Public construction spending is 0.2% 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 3.1%. Non-residential spending is up 1.7% year-over-year. Public spending is up 4.6% year-over-year.
This was below consensus expectations and spending for the previous two months was revised down.