by Calculated Risk on 12/01/2023 10:17:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during October 2023 was estimated at a seasonally adjusted annual rate of $2,027.1 billion, 0.6 percent above the revised September estimate of $2,014.7 billion. The October figure is 10.7 percent above the October 2022 estimate of $1,830.5 billion.
emphasis added

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,579.3 billion, 0.7 percent above the revised September estimate of $1,567.9 billion. ...

In October, the estimated seasonally adjusted annual rate of public construction spending was $447.8 billion, 0.2 percent above the revised September estimate of $446.9 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 8.8% below the recent peak.

Non-residential (blue) spending is at a new peak.

Public construction spending is also at a new peak.

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

On a year-over-year basis, private residential construction spending is up 0.7%. Non-residential spending is up 22.4% year-over-year. Public spending is up 16.4% year-over-year.

This was above consensus expectations for 0.4% increase in spending. Total construction spending for the previous two months was revised up.