by Calculated Risk on 12/01/2022 10:19:00 AM
From the Census Bureau reported that overall construction spending increased:
Private spending decreased and public spending increased:
In October, the estimated seasonally adjusted annual rate of public construction spending was $374.6 billion, 0.6 percent above the revised September estimate of $372.5 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 6.1% below the recent peak.
Non-residential (blue) spending is 0.8% below the recent peak.
Public construction spending is 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 up 8.6%. Non-residential spending is up 9.5% year-over-year. Public spending is up 10.0% year-over-year.