by Calculated Risk on 8/01/2025 12:00:00 PM
From the Census Bureau reported that overall construction spending decreased:
Construction spending during June 2025 was estimated at a seasonally adjusted annual rate of $2,136.2 billion, 0.4 percent below the revised May estimate of $2,143.9 billion. The June figure is 2.9 percent below the June 2024 estimate of $2,199.8 billion.
emphasis added
Private spending decreased and public spending increased slightly:
Spending on private construction was at a seasonally adjusted annual rate of $1,621.9 billion, 0.5 percent below the revised May estimate of $1,630.2 billion. …
In June, the estimated seasonally adjusted annual rate of public construction spending was $514.3 billion, 0.1 percent above the revised May estimate of $513.7 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 9.7% below the peak in 2022.
Private non-residential (blue) spending is 6.6% below the peak in December 2023.
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 6.2%. Private non-residential spending is down 4.0% year-over-year. Public spending is up 5.2% year-over-year.
This was well below consensus expectations; however, spending for the previous two months was revised up slightly.
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