by Calculated Risk on 7/01/2022 10:23:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during May 2022 was estimated at a seasonally adjusted annual rate of $1,779.8 billion, 0.1 percent below the revised April estimate of $1,782.5 billion. The May figure is 9.7 percent above the May 2021 estimate of $1,621.9 billion.
emphasis added Private spending increased and public spending decreased:
Spending on private construction was at a seasonally adjusted annual rate of $1,436.0 billion, virtually unchanged from the revised April estimate of $1,435.9 billion. …

In May, the estimated seasonally adjusted annual rate of public construction spending was $343.8 billion, 0.8 percent below the revised April estimate of $346.6 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 38% above

Keep reading this article on Bill McBride - Calculedriskblog.

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