Construction spending during May 2024 was estimated at a seasonally adjusted annual rate of $2,139.8 billion, 0.1 percent below the revised April estimate of $2,142.1 billion. The May figure is 6.4 percent above the May 2023 estimate of $2,011.8 billion.
emphasis added
Private spending decreased and public spending increased:
Spending on private construction was at a seasonally adjusted annual rate of $1,652.1 billion, 0.3 percent below the revised April estimate of $1,656.7 billion. …
In May, the estimated seasonally adjusted annual rate of public construction spending was $487.6 billion, 0.5 percent above the revised April estimate of $485.4 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 6.3% below the recent peak in 2022.
Non-residential (blue) spending is 0.8% below the peak in January 2024.
Public construction spending is at a new high.
The second graph shows the year-over-year change in construction spending.
On a year-over-year basis, private residential construction spending is up 6.5%. Non-residential spending is up 4.1% year-over-year. Public spending is up 9.7% year-over-year.