by calculated risk November 4, 2024 02:06:00 PM
This was released on Friday. From the Census Bureau reported Overall construction spending declined.
Construction spending in September 2024 was estimated at a seasonally adjusted annual rate of $2.1488 trillion. 0.1% or more The revised August estimate was $2.146 trillion. The September figure is 4.6% higher than the September 2023 estimate of $2.0552 trillion.
Emphasis added
Private spending remained flat and public spending increased.
Spending on private construction was little changed at a seasonally adjusted annual rate of $1.6536 trillion from the revised August estimate of $1.6532 trillion. …
September’s seasonally adjusted estimate of annual public construction spending was $495.2 billion, 0.5% higher than the revised August estimate of $492.9 billion.
Click on the graph to see a larger image.
This graph shows private residential and non-residential construction spending and public spending since 1993. Note: These are nominal dollars, not adjusted for inflation.
Residential (red) spending is 6.8% below the 2022 peak.
Non-residential (blue) spending is 0.8% below its June 2024 peak.
Public construction spending has reached its peak.
The second graph shows the annual change in construction spending.
On a year-over-year basis, Private housing construction spending increased 4.1%. Non-residential spending increased 3.5% year over year. Public spending increased by 7.0% compared to the previous year.
This is closer to the consensus expectation that there will be no change in spending.
