by Calculated Risk on 10/02/2023 10:19:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during August 2023 was estimated at a seasonally adjusted annual rate of $1,983.5 billion, 0.5 percent above the revised July estimate of $1,973.7 billion. The August figure is 7.4 percent above the August 2022 estimate of $1,847.3 billion.
emphasis added

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,551.8 billion, 0.5 percent above the revised July estimate of $1,544.6 billion. ...

In August, the estimated seasonally adjusted annual rate of public construction spending was $431.6 billion, 0.6 percent above the revised July estimate of $429.1 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 9.3% below the recent peak.

Non-residential (blue) spending is at a new peak.

Public construction spending is also at a new peak.

The second graph shows the year-over-year change in construction spending.

On a year-over-year basis, private residential construction spending is down 3.1%. Non-residential spending is up 19.7% year-over-year. Public spending is up 14.1% year-over-year.

This was at consensus expectations for 0.5% increase in spending. Construction spending for the previous two months was revised down slightly, combined.