by Calculated Risk on 5/01/2024 02:57:00 PM

From the Census Bureau reported that overall construction spending increased:

Construction spending during March 2024 was estimated at a seasonally adjusted annual rate of $2,083.9 billion, 0.2 percent below the revised February estimate of $2,087.8 billion. The March figure is 9.6 percent above the March 2023 estimate of $1,901.4 billion.
emphasis added

Private spending decreased and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,600.8 billion, 0.5 percent below the revised February estimate of $1,608.5 billion. ...

In March, the estimated seasonally adjusted annual rate of public construction spending was $483.1 billion, 0.8 percent above the revised February estimate of $479.3 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 8.8% below the recent peak in 2022.

Non-residential (blue) spending is 1.1% below the peak two months ago.

Public construction spending is 1.1% below the peak three months ago.

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

On a year-over-year basis, private residential construction spending is up 4.4%. Non-residential spending is up 11.1% year-over-year. Public spending is up 17.9% year-over-year.

This was below consensus expectations for 0.3% increase in spending, and total construction spending for the previous two months was revised down.  This is probably just the start of weakness for private non-residential construction.