by Calculated Risk on 8/01/2022 12:39:00 PM
From the Census Bureau reported that overall construction spending increased:
Construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1 percent below the revised May estimate of $1,781.9 billion. The June figure is 8.3 percent above the June 2021 estimate of $1,628.0 billion.
Both private and public spending decreased:
Spending on private construction was at a seasonally adjusted annual rate of $1,416.4 billion, 1.3 percent below the revised May estimate of $1,434.4 billion. …
In June, the estimated seasonally adjusted annual rate of public construction spending was $345.9 billion, 0.5 percent below the revised May estimate of $347.5 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 36% above the bubble peak (in nominal terms – not adjusted for inflation).
Non-residential (blue) spending is 19% above the bubble era peak in January 2008 (nominal dollars).
Public construction spending is 6% above the peak in March 2009.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is up 15.5%. Non-residential spending is up 1.7% year-over-year. Public spending is up 0.4% year-over-year.
This was below consensus expectations of a 0.2% increase in spending; however, construction spending for the previous three months combined was revised up slightly.
Image and article originally from www.calculatedriskblog.com. Read the original article here.