by Calculated Risk on 2/01/2024 10:20:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during December 2023 was estimated at a seasonally adjusted annual rate of $2,096.0 billion, 0.9 percent above the revised November estimate of $2,078.3 billion. The December figure is 13.9 percent above the December 2022 estimate of $1,840.9 billion.

The value of construction in 2023 was $1,978.7 billion, 7.0 percent above the $1,848.7 billion spent in 2022.
emphasis added

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $1,619.7 billion, 0.7 percent above the revised November estimate of $1,608.0 billion. ...

In December, the estimated seasonally adjusted annual rate of public construction spending was $476.3 billion, 1.3 percent above the revised November estimate of $470.3 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.

Residential (red) spending is 6.0% below the recent peak.

Non-residential (blue) spending is slightly below the peak in the previous month.

Public construction spending is 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 6.8%. Non-residential spending is up 19.1% year-over-year. Public spending is up 21.3% year-over-year.

This was above consensus expectations for 0.5% increase in spending, and total construction spending for the previous two months was revised up.