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Construction Spending Decreased 0.4% in July

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by Calculated Risk on 9/01/2022 10:17:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during July 2022 was estimated at a seasonally adjusted annual rate of $1,777.3 billion, 0.4 percent below the revised June estimate of $1,784.3 billion. The July figure is 8.5 percent above the July 2021 estimate of $1,637.3 billion.
emphasis added

Private spending decreased and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,424.2 billion, 0.8 percent below the revised June estimate of $1,436.4 billion. …

In July, the estimated seasonally adjusted annual rate of public construction spending was $353.1 billion, 1.5 percent above the revised June estimate of $347.9 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.

Residential (red) spending is 36% 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.

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

On a year-over-year basis, private residential construction spending is up 14.1%. Non-residential spending is up 3.1% year-over-year. Public spending is up 3.3% year-over-year.

This was below consensus expectations of a 0.1% decrease in spending; however, construction spending for the previous two months combined were revised up.

ISM(R) Manufacturing index Unchanged at 52.8% in August

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