by Calculated Risk on 1/02/2024 10:00:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during November 2023 was estimated at a seasonally adjusted annual rate of $2,050.1 billion, 0.4 percent above the revised October estimate of $2,042.5 billion. The November figure is 11.3 percent above the November 2022 estimate of $1,842.2 billion.
emphasis added

Private spending increased and public spending decreased:

Spending on private construction was at a seasonally adjusted annual rate of $1,595.0 billion, 0.7 percent above the revised October estimate of $1,584.4 billion. ...

In November, the estimated seasonally adjusted annual rate of public construction spending was $455.1 billion, 0.7 percent below the revised October estimate of $458.1 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 7.5% below the recent peak.

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

Public construction spending is slightly below the peak in the previous month.

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

On a year-over-year basis, private residential construction spending is up 3.7%. Non-residential spending is up 19.3% year-over-year. Public spending is up 16.2% year-over-year.

This was slightly below consensus expectations for 0.5% increase in spending, however, total construction spending for the previous two months was revised up.