From the Census Bureau reported that overall construction spending increased:
Construction spending during September 2023 was estimated at a seasonally adjusted annual rate of $1,996.5 billion, 0.4 percent above the revised August estimate of $1,988.3 billion.
emphasis addedBoth private and public spending increased:
Spending on private construction was at a seasonally adjusted annual rate of $1,555.9 billion, 0.4 percent above the revised August estimate of $1,549.6 billion. …
In September, the estimated seasonally adjusted annual rate of public construction spending was $440.6 billion, 0.4 percent above the revised August estimate of $438.7 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.
Residential (red) spending is 10.1% below the recent peak.
Non-residential (blue) spending is at a new peak.
Public construction spending is also at a new peak.
On a year-over-year basis, private residential construction spending is down 2.2%. Non-residential spending is up 21.3% year-over-year. Public spending is up 15.5% year-over-year.