by Calculated Risk on 4/01/2025 10:31:00 AM

From the Census Bureau reported that overall construction spending decreased:

Construction spending during February 2025 was estimated at a seasonally adjusted annual rate of $2,195.8 billion, 0.7 percent above the revised January estimate of $2,179.9 billion. The February figure is 2.9 percent above the February 2024 estimate of $2,133.8 billion.
emphasis added

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,686.4 billion, 0.9 percent above the revised January estimate of $1,671.8 billion. ...

In February, the estimated seasonally adjusted annual rate of public construction spending was $509.3 billion, 0.2 percent above the revised January estimate of $508.1 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 5.3% below the peak in 2022.

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

Public construction spending (orange) 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 up 1.6%. Private non-residential spending is up 2.5% year-over-year. Public spending is up 6.0% year-over-year.

This was above consensus expectations; however, spending for the previous two months was revised down.

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