Construction Spending Decreased 0.2% in January

From the Census Bureau reported that overall construction spending increased:

Construction spending during January 2024 was estimated at a seasonally adjusted annual rate of $2,102.4 billion, 0.2 percent below the revised December estimate of $2,105.8 billion. The January figure is 11.7 percent above the January 2023 estimate of $1,882.2 billion.
emphasis added

Private spending increased and public spending decreased:

Spending on private construction was at a seasonally adjusted annual rate of $1,623.4 billion, 0.1 percent above the revised December estimate of $1,622.3 billion. ...

In January, the estimated seasonally adjusted annual rate of public construction spending was $479.0 billion, 0.9 percent below the revised December estimate of $483.5 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 7.1% below the recent peak.

Non-residential (blue) spending is slightly below the peak in the previous month.

Public construction spending is 0.9% below the peak last month. 

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

On a year-over-year basis, private residential construction spending is up 5.2%. Non-residential spending is up 15.2% year-over-year. Public spending is up 20.1% year-over-year.

This was below consensus expectations for 0.2% increase in spending, however, total construction spending for the previous two months was revised up.