Construction Spending Increased 1.2% in April

From the Census Bureau reported that overall construction spending increased:

Construction spending during April 2023 was estimated at a seasonally adjusted annual rate of $1,908.4 billion, 1.2 percent above the revised March estimate of $1,885.0 billion. The April figure is 7.2 percent above the April 2022 estimate of $1,780.9 billion.
emphasis added

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,500.7 billion, 1.3 percent above the revised March estimate of $1,481.6 billion. ...

In April, the estimated seasonally adjusted annual rate of public construction spending was $407.7 billion, 1.1 percent above the revised March estimate of $403.4 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 10.5% 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 9.2%. Non-residential spending is up 31.1% year-over-year. Public spending is up 16.5% year-over-year.

This was well above consensus expectations of a 0.2% increase in spending and construction spending for the previous two months was revised up.