by Calculated Risk on 1/03/2022 10:36:00 AM
From the Census Bureau reported that overall construction spending increased 0.2%:
Private spending increased and public spending decreased:
In November, the estimated seasonally adjusted annual rate of public construction spending was $352.3 billion, 0.2 percent below the revised October estimate of $353.0 billion.
This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.
Residential spending is 17% above the bubble peak (in nominal terms – not adjusted for inflation).
Non-residential spending is 15% above the bubble era peak in January 2008 (nominal dollars) but has been soft recently.
Public construction spending is 8% above the peak in March 2009.
On a year-over-year basis, private residential construction spending is up 16.3%. Non-residential spending is up 6.7% year-over-year. Public spending is down 0.8% year-over-year.
Construction was considered an essential service during the early months of the pandemic in most areas and did not decline sharply like many other sectors. However, some sectors of non-residential have been under pressure. For example, lodging is down 30.7% YoY.