by calculated risk October 1, 2024 12:44:00 PM
From the Census Bureau reported Overall construction spending decreased:
Construction expenditure during August 2024 is: The seasonally adjusted annual rate was $2,131.9 billion, or less than 0.1%. The revised forecast for July is $2,133.9 billion. The August figure is 4.1% higher than the August 2023 forecast of $2,047.4 billion.
Emphasis added
Private spending decreased and public spending increased.
Private construction spending was at a seasonally adjusted annual rate of $1.6422 trillion, 0.2% lower than the revised July forecast of $1.6458 trillion. …
The seasonally adjusted annual rate estimate for public construction spending in August was $489.8 billion, 0.3% higher than the July estimate of $488.2 billion.
Click on the graph to see a larger image.
This graph shows private residential and nonresidential construction spending and public spending since 1993. Note: Nominal dollars, not adjusted for inflation.
Housing (red) spending is 8.2% below its 2022 peak.
Non-housing (blue) spending is 0.5% below its June 2024 peak.
Peak public construction spending.
The second graph shows the year-over-year change in construction spending.
On a year-on-year basis, Private housing construction spending increased by 2.7%. Non-housing spending increased by 3.6% year-on-year. Public spending increased by 7.8% compared to the previous year.
This was below consensus expectations for a 0.1% increase in spending.
