by Calculated Risk on 10/03/2022 10:19:00 AM
From the Census Bureau reported that overall construction spending increased:
Both private spending and public spending decreased:
In August, the estimated seasonally adjusted annual rate of public construction spending was $355.3 billion, 0.8 percent below the revised July estimate of $358.3 billion.
This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.
Residential (red) spending is 35% above the bubble peak (in nominal terms – not adjusted for inflation).
Non-residential (blue) spending is 24% above the bubble era peak in January 2008 (nominal dollars).
Public construction spending is 9% above the peak in March 2009.
On a year-over-year basis, private residential construction spending is up 12.5%. Non-residential spending is up 5.5% year-over-year. Public spending is up 3.3% year-over-year.