Construction Spending Decreased 0.3% in October

From the Census Bureau reported that overall construction spending increased:

Construction spending during October 2022 was estimated at a seasonally adjusted annual rate of $1,794.9 billion, 0.3 percent below the revised September estimate of $1,800.1 billion. The October figure is 9.2 percent above the October 2021 estimate of $1,644.3 billion.
emphasis added

Private spending decreased and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,420.4 billion, 0.5 percent below the revised September estimate of $1,427.6 billion. ...

In October, the estimated seasonally adjusted annual rate of public construction spending was $374.6 billion, 0.6 percent above the revised September estimate of $372.5 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 6.1% below the recent peak.

Non-residential (blue) spending is 0.8% below the recent peak.

Public construction spending is at a new peak.

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

On a year-over-year basis, private residential construction spending is up 8.6%. Non-residential spending is up 9.5% year-over-year. Public spending is up 10.0% year-over-year.

This was at consensus expectations of a 0.3% decrease in spending; however, construction spending for the previous two months combined were revised down.