Construction Spending Increased 0.3% in March

From the Census Bureau reported that overall construction spending increased:

Construction spending during March 2023 was estimated at a seasonally adjusted annual rate of $1,834.7 billion, 0.3 percent above the revised February estimate of $1,829.6 billion. The March figure is 3.8 percent above the March 2022 estimate of $1,768.2 billion.
emphasis added

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,435.1 billion, 0.3 percent above the revised February estimate of $1,430.8 billion. ...

In March, the estimated seasonally adjusted annual rate of public construction spending was $399.6 billion, 0.2 percent above the revised February estimate of $398.8 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 12.4% below the recent peak.

Non-residential (blue) spending is at a new 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 down 10.0%. Non-residential spending is up 21.3% year-over-year. Public spending is up 15.0% year-over-year.

This was slightly above consensus expectations of a 0.2% increase in spending; however, construction spending for the previous two months was revised down (all private residential).