by Calculated Risk on 9/01/2023 10:41:00 AM

From the Census Bureau reported that overall construction spending increased:

Construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7 percent above the revised June estimate of $1,958.9 billion. The July figure is 5.5 percent above the July 2022 estimate of $1,869.3 billion.
emphasis added

Private spending increased and public spending decreased:

Spending on private construction was at a seasonally adjusted annual rate of $1,548.9 billion, 1.0 percent above the revised June estimate of $1,533.7 billion. ...

In July, the estimated seasonally adjusted annual rate of public construction spending was $423.7 billion, 0.4 percent below the revised June estimate of $425.2 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 9.4% below the recent peak.

Non-residential (blue) spending is close to the peak in May 2023.

Public construction spending is close to the peak last month.

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

On a year-over-year basis, private residential construction spending is down 5.4%. Non-residential spending is up 19.8% year-over-year. Public spending is up 11.4% year-over-year.

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