by Calculated Risk on 4/01/2022 11:25:00 AM
From the Census Bureau reported that overall construction spending increased 1.3%:
$1,704.4 billion, 0.5 percent above the revised January estimate of $1,695.5 billion. The
February figure is 11.2 percent above the February 2021 estimate of $1,533.3 billion.
Private spending increased and public spending decreased:
In February, the estimated seasonally adjusted annual rate of public construction spending was $350.7 billion, 0.4 percent below the revised January estimate of $352.2 billion.
This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.
Residential (red) spending is 25% above the bubble peak (in nominal terms – not adjusted for inflation).
Non-residential (blue) spending is 21% above the bubble era peak in January 2008 (nominal dollars).
Public construction spending is 8% above the peak in March 2009.
On a year-over-year basis, private residential construction spending is up 16.6%. Non-residential spending is up 9.7% year-over-year. Public spending is up 1.4% year-over-year.