by Calculated Risk on 6/03/2024 10:18:00 AM

From the Census Bureau reported that overall construction spending decreased:

Construction spending during April 2024 was estimated at a seasonally adjusted annual rate of $2,099.0 billion, 0.1 percent below the revised March estimate of $2,101.5 billion. The April figure is 10.0 percent (±1.5 percent) above the April 2023 estimate of $1,907.8 billion.
emphasis added

Private and public spending decreased:

Spending on private construction was at a seasonally adjusted annual rate of $1,611.9 billion, 0.1 percent below the revised March estimate of $1,613.3 billion. ...

In April, the estimated seasonally adjusted annual rate of public construction spending was $487.1 billion, 0.2 percent below the revised March estimate of $488.2 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 8.2% below the recent peak in 2022.

Non-residential (blue) spending is 1.0% below the peak two months ago.

Public construction spending is 0.2% below the peak last 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 8.0%. Non-residential spending is up 8.3% year-over-year. Public spending is up 16.8% year-over-year.

This was below consensus expectations for 0.2% increase in spending, however, total construction spending for the previous two months was revised up. 

This is probably just the start of weakness for private non-residential construction.