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by Calculated Risk on 11/01/2022 10:21:00 AM
From the Census Bureau reported that overall construction spending increased:
emphasis added
Private spending increased and public spending decreased:
In September, the estimated seasonally adjusted annual rate of public construction spending was $360.9 billion, 0.4 percent below the revised August estimate of $362.1 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.
Residential (red) spending is 35% above the bubble peak (in nominal terms – not adjusted for inflation).
Non-residential (blue) spending is 28% above the bubble era peak in January 2008 (nominal dollars).
Public construction spending is 11% above the peak in March 2009.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is up 12.7%. Non-residential spending is up 10.5% year-over-year. Public spending is up 7.1% year-over-year.
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