by Calculated Risk on 3/03/2025 10:17:00 AM

From the Census Bureau reported that overall construction spending decreased:

Construction spending during January 2025 was estimated at a seasonally adjusted annual rate of $2,192.5 billion, 0.2 percent below the revised December estimate of $2,196.0 billion. The January figure is 3.3 percent above the January 2024 estimate of $2,122.2 billion.
emphasis added

Private spending decreased and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,686.0 billion, 0.2 percent below the revised December estimate of $1,690.1 billion. ...

In January, the estimated seasonally adjusted annual rate of public construction spending was $506.6 billion, 0.1 percent above the revised December estimate of $505.9 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.

Private residential (red) spending is 4.9% below the peak in 2022.

Private non-residential (blue) spending is at a new peak.

Public construction spending is 0.1% below the peak in November 2024.

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

On a year-over-year basis, private residential construction spending is up 3.1%. Private non-residential spending is up 1.8% year-over-year. Public spending is up 5.9% year-over-year.

This was below consensus expectations; however, spending for the previous two months was revised up.

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