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by Calculated Risk on 2/01/2023 10:22:00 AM
From the Census Bureau reported that overall construction spending decreased:
$1,809.8 billion, 0.4 percent below the revised November estimate of $1,817.3 billion. The
December figure is 7.7 percent above the December 2021 estimate of $1,681.0 billion.
The value of construction in 2022 was $1,792.9 billion, 10.2 percent above the $1,626.4
billion spent in 2021.
emphasis added
Both private and public spending decreased:
In December, the estimated seasonally adjusted annual rate of public construction spending was $382.7
billion, 0.4 percent below the revised November estimate of $384.4 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 9.3% below the recent peak.
Non-residential (blue) spending is slightly below the peak last month.
Public construction spending is close to the recent 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 1.7%. Non-residential spending is up 15.0% year-over-year. Public spending is up 11.7% year-over-year.
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