by Calculated Risk on 7/01/2022 10:23:00 AM
From the Census Bureau reported that overall construction spending increased:
Private spending increased and public spending decreased:
In May, the estimated seasonally adjusted annual rate of public construction spending was $343.8 billion, 0.8 percent below the revised April estimate of $346.6 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 38% above the bubble peak (in nominal terms – not adjusted for inflation).
Non-residential (blue) spending is 20% above the bubble era peak in January 2008 (nominal dollars).
Public construction spending is 6% above the peak in March 2009.
On a year-over-year basis, private residential construction spending is up 19.0%. Non-residential spending is up 3.7% year-over-year. Public spending is down 2.7% year-over-year.