by Calculated Risk on 7/01/2025 02:46:00 PM
From the Census Bureau reported that overall construction spending decreased:
Construction spending during May 2025 was estimated at a seasonally adjusted annual rate of $2,138.2 billion, 0.3 percent below the revised April estimate of $2,145.5 billion. The May figure is 3.5 percent below the May 2024 estimate of $2,215.4 billion.
emphasis added
Private spending decreased and public spending increased slightly:
Spending on private construction was at a seasonally adjusted annual rate of $1,626.6 billion, 0.5 percent below the revised April estimate of $1,634.2 billion. …
In May, the estimated seasonally adjusted annual rate of public construction spending was $511.6 billion, 0.1 percent above the revised April estimate of $511.3 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.
Private residential (red) spending is 9.2% below the peak in 2022.
Private non-residential (blue) spending is 6.8% below the peak in December 2023.
Public construction spending (orange) is slightly below the peak of October 2024.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is down 6.7%. Private non-residential spending is down 3.9% year-over-year. Public spending is up 3.3% year-over-year.
This was below consensus expectations and spending for the previous two months were revised down.
