by Calculated Danger on 6/03/2024 10:18:00 AM
From the Census Bureau reported that general building spending decreased:
Building spending throughout April 2024 was estimated at a seasonally adjusted annual fee of $2,099.0 billion, 0.1 % beneath the revised March estimate of $2,101.5 billion. The April determine is 10.0 % (±1.5 %) above the April 2023 estimate of $1,907.8 billion.
emphasis added
Non-public and public spending decreased:
Spending on non-public building was at a seasonally adjusted annual fee of $1,611.9 billion, 0.1 % beneath the revised March estimate of $1,613.3 billion. …
In April, the estimated seasonally adjusted annual fee of public building spending was $487.1 billion, 0.2 % beneath the revised March estimate of $488.2 billion.
Click on on graph for bigger picture.
This graph exhibits non-public residential and nonresidential building spending, and public spending, since 1993. Observe: nominal {dollars}, not inflation adjusted.
Residential (pink) spending is 8.2% beneath the current peak in 2022.
Non-residential (blue) spending is 1.0% beneath the height two months in the past.
Public building spending is 0.2% beneath the height final month.
The second graph exhibits the year-over-year change in building spending.
On a year-over-year foundation, non-public residential building spending is up 8.0%. Non-residential spending is up 8.3% year-over-year. Public spending is up 16.8% year-over-year.
This was beneath consensus expectations for 0.2% enhance in spending, nevertheless, complete building spending for the earlier two months was revised up.
That is in all probability simply the beginning of weak point for personal non-residential building.
