by Calculated Risk on 8/01/2023 10:22:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during June 2023 was estimated at a seasonally adjusted annual rate of $1,938.4 billion, 0.5 percent above the revised May estimate of $1,929.6 billion. The June figure is 3.5 percent above the June 2022 estimate of $1,873.2 billion.
emphasis added

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,516.9 billion, 0.5 percent above the revised May estimate of $1,509.4 billion. ...

In June, the estimated seasonally adjusted annual rate of public construction spending was $421.4 billion, 0.3 percent above the revised May estimate of $420.2 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 11.7% 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 10.4%. Non-residential spending is up 20.9% year-over-year. Public spending is up 13.6% year-over-year.

This was above consensus expectations for no change in spending and construction spending for the previous two months was revised up, combined.