Construction Spending increased in January

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From the Census Bureau reported that overall construction spending decreased in December:

Construction spending during January 2019 was estimated at a seasonally adjusted annual rate of $1,279.6 billion, 1.3 percent above the revised December estimate of $1,263.1 billion. The January figure is 0.3 percent above the January 2018 estimate of $1,276.3 billion.

Both private and public spending increased:

Spending on private construction was at a seasonally adjusted annual rate of $966.0 billion, 0.2 percent above the revised December estimate of $964.2 billion. …

In January, the estimated seasonally adjusted annual rate of public construction spending was $313.6 billion, 4.9 percent above the revised December estimate of $299.0 billion.
emphasis added

Construction Spending 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 spending had been increasing – although has declined  recently – and is still 25% below the bubble peak.

Non-residential spending is 10% above the previous peak in January 2008 (nominal dollars).

Public construction spending is now 4% below the peak in March 2009, and 20% above the austerity low in February 2014.

Year-over-year Construction SpendingThe second graph shows the year-over-year change in construction spending.

On a year-over-year basis, private residential construction spending is down 6%. Non-residential spending is up 2% year-over-year. Public spending is up 8% year-over-year.

This was above consensus expectations, however spending for November and December were revised up.

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