by calculated risk 11/04/2024 02:06:00 Afternoon
This was released on Friday. From the Census Bureau reported Overall construction spending decreased as follows:
Construction spending in September 2024 is estimated at a seasonally adjusted annual rate of $2,148.8 billion. 0.1% above The revised forecast for August is $2,146 billion. The September figure is 4.6% higher than the September 2023 estimate of $2.552 trillion.
Emphasis added
Private spending remained unchanged, while public spending increased.
Private construction spending was at a seasonally adjusted annual rate of $1,653.6 billion, almost unchanged from the August revised figure of $1,653.2 billion. …
The seasonally adjusted annual rate estimate for public construction spending in September was $495.2 billion, 0.5% higher than August’s revised figure of $492.9 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 6.8% below its 2022 peak.
Non-housing (blue) spending is 0.8% below its June 2024 peak.
Public construction spending has reached its peak.
The second graph shows the year-over-year change in construction spending.
On a year-on-year basis, Private housing construction spending increased by 4.1%. Non-housing spending increased by 3.5% year-on-year. Public spending increased by 7.0% from the previous year.
This was close to the consensus expectation that spending would remain unchanged.
