by Calculated Risk on 10/03/2011 11:19:00 AM

Catching up ... this morning from the Census Bureau reported that overall construction spending increased in August:

The U.S. Census Bureau of the Department of Commerce announced today that construction spending during August 2011 was estimated at a seasonally adjusted annual rate of $799.1 billion, 1.4 percent (±2.1%)* above the revised July estimate of $788.3 billion. The August figure is 0.9 percent (±1.9%)* above the August 2010 estimate of $791.7 billion.

Private construction spending increased in August:

Spending on private construction was at a seasonally adjusted annual rate of $511.0 billion, 0.4 percent (±1.3%)* above the revised July estimate of $508.9 billion. Residential construction was at a seasonally adjusted annual rate of $237.8 billion in August, 0.7 percent (±1.3%)* above the revised July estimate of $236.2 billion.

Click on graph for larger image in graph gallery.

This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.

Private residential spending is 64.8% below the peak in early 2006, and non-residential spending is 34% below the peak in January 2008.

Public construction spending is now 11% below the peak in March 2009.

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

On a year-over-year basis, both private residential and non-residential construction spending have turned positive, but public spending is now falling as the stimulus spending ends. The improvements in private non-residential are mostly due to energy spending (power and electric).

Earlier:
• ISM Manufacturing index increases in September

Weekend:
• Summary for Week Ending Sept 30th
• Schedule for Week of Oct 2nd
• A few preliminary comments on the September Employment Report