Construction Spending Increased 0.9% in May

From the Census Bureau reported that overall construction spending increased:

Construction spending during May 2023 was estimated at a seasonally adjusted annual rate of $1,925.6 billion, 0.9 percent above the revised April estimate of $1,909.0 billion. The May figure is 2.4 percent above the May 2022 estimate of $1,880.9 billion.
emphasis added

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,513.2 billion, 1.1 percent above the revised April estimate of $1,497.2 billion. ...

In May, the estimated seasonally adjusted annual rate of public construction spending was $412.4 billion, 0.1 percent above the revised April estimate of $411.8 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 11.6% below the recent peak.

Non-residential (blue) spending is close to the peak in April 2023.

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 11.6%. Non-residential spending is up 20.5% year-over-year. Public spending is up 12.3% year-over-year.

This was above consensus expectations of a 0.5% increase in spending and construction spending for the previous two months was revised up, combined.