Construction Spending Decreased 0.1% in August

From the Census Bureau reported that overall construction spending decreased:

Construction spending during August 2024 was estimated at a seasonally adjusted annual rate of $2,131.9 billion, 0.1 percent below the revised July estimate of $2,133.9 billion. The August figure is 4.1 percent above the August 2023 estimate of $2,047.4 billion.
emphasis added

Private spending decreased and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,642.2 billion, 0.2 percent below the revised July estimate of $1,645.8 billion. ...

In August, the estimated seasonally adjusted annual rate of public construction spending was $489.8 billion, 0.3 percent above the revised July estimate of $488.2 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 8.2% below the peak in 2022.

Non-residential (blue) spending is 0.5% below the peak in June 2024.

Public construction spending at the peak.

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

On a year-over-year basis, private residential construction spending is up 2.7%. Non-residential spending is up 3.6% year-over-year. Public spending is up 7.8% year-over-year.

This was below consensus expectations for 0.1% increase in spending.