by Calculated Risk on 11/01/2023 10:23:00 AM
From the Census Bureau reported that overall construction spending increased:
Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4 percent above the revised August estimate of $1,988.3 billion.
emphasis added
Both private and public spending increased:
Spending on private construction was at a seasonally adjusted annual rate of $1,555.9 billion, 0.4 percent above the revised August estimate of $1,549.6 billion. …
In September, the estimated seasonally adjusted annual rate of public construction spending was $440.6 billion, 0.4 percent above the revised August estimate of $438.7 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 10.1% below the recent peak.
Non-residential (blue) spending is at a new peak.
Public construction spending is also at a new peak.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is down 2.2%. Non-residential spending is up 21.3% year-over-year. Public spending is up 15.5% year-over-year.
This was at consensus expectations for 0.4% increase in spending. Total construction spending for the previous two months was mostly unchanged, combined.
