by Calculated Risk on 6/02/2025 10:18:00 AM
From the Census Bureau reported that overall construction spending decreased:
Construction spending during April 2025 was estimated at a seasonally adjusted annual rate of $2,152.4 billion, 0.4 percent below the revised March estimate of $2,162.0 billion. The April figure is 0.5 percent below the April 2024 estimate of $2,163.2 billion. During the first four months of this year, construction spending amounted to $660.2 billion, 1.4 percent above the $651.3 billion for the same period in 2024.
emphasis added
Private spending decreased and public spending increased:
Spending on private construction was at a seasonally adjusted annual rate of $1,638.9 billion, 0.7 percent below the revised March estimate of $1,650.8 billion. …
In April, the estimated seasonally adjusted annual rate of public construction spending was $513.5 billion, 0.4 percent above the revised March 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 8.9% below the peak in 2022.
Private non-residential (blue) spending is 1.4% below the peak in February 2025.
Public construction spending (orange) 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 down 4.8%. Private non-residential spending is up 1.0% year-over-year. Public spending is up 5.5% year-over-year.
This was below consensus expectations and spending for the previous two months were revised down significantly.
