by Calculated Risk on 6/01/2022 11:34:00 AM
From the Census Bureau reported that overall construction spending increased:
12.3 percent above the April 2021 estimate of $1,553.5 billion.
Private spending increased and public spending decreased:
In April, the estimated seasonally adjusted annual rate of public construction spending was $350.1 billion, 0.7 percent below the revised March estimate of $352.7 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 31% above the bubble peak (in nominal terms – not adjusted for inflation).
Non-residential (blue) spending is 21% above the bubble era peak in January 2008 (nominal dollars).
Public construction spending is 8% above the peak in March 2009.
On a year-over-year basis, private residential construction spending is up 18.4%. Non-residential spending is up 10.1% year-over-year. Public spending is up 1.8% year-over-year.