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Construction Spending Increased 0.2% in September

by Calculated Risk on 11/01/2022 10:21:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during September 2022 was estimated at a seasonally adjusted annual rate of $1,811.1 billion, 0.2 percent above the revised August estimate of $1,807.0 billion. The September figure is 10.9 percent above the September 2021 estimate of $1,632.9 billion.
emphasis added

Private spending increased and public spending decreased:

Spending on private construction was at a seasonally adjusted annual rate of $1,450.3 billion, 0.4 percent above the revised August estimate of $1,444.9 billion. …

In September, the estimated seasonally adjusted annual rate of public construction spending was $360.9 billion, 0.4 percent below the revised August estimate of $362.1 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.

Residential (red) spending is 35% above the bubble peak (in nominal terms – not adjusted for inflation).

Non-residential (blue) spending is 28% above the bubble era peak in January 2008 (nominal dollars).

Public construction spending is 11% above the peak in March 2009.

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

On a year-over-year basis, private residential construction spending is up 12.7%. Non-residential spending is up 10.5% year-over-year. Public spending is up 7.1% year-over-year.

This was above consensus expectations of a 0.5% decrease in spending; and construction spending for the previous two months combined were revised up sharply.

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