by Calculated Risk on 6/01/2022 11:34:00 AM
Wednesday, June 01, 2022
Construction Spending Increased 0.2% in April
From the Census Bureau reported that overall construction spending increased:
Construction spending during April 2022 was estimated at a seasonally adjusted annual rate of $1,744.8 billion, 0.2 percent above the revised March estimate of $1,740.6 billion. The April figure is 12.3 percent above the April 2021 estimate of $1,553.5 billion.Private spending increased and public spending decreased:
emphasis added
Spending on private construction was at a seasonally adjusted annual rate of $1,394.7 billion, 0.5 percent above the revised March estimate of $1,387.9 billion. ...Click on graph for larger image.
In April, the estimated seasonally adjusted annual rate of public construction spending was $350.1 billion, 0.7 percent below the revised March estimate of $352.7 billion.
This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.
Residential (red) spending is 31% above the bubble peak (in nominal terms - not adjusted for inflation).
Non-residential (blue) spending is 21% above the bubble era peak in January 2008 (nominal dollars).
Public construction spending is 8% above the peak in March 2009.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is up 18.4%. Non-residential spending is up 10.1% year-over-year. Public spending is up 1.8% year-over-year.
This was below consensus expectations of a 0.5% increase in spending; however, construction spending for the previous two months was revised up slightly.