From the Census Bureau reported that overall construction spending increased:
Construction spending during July 2023 was estimated at a seasonally adjusted annual rate of $1,972.6 billion, 0.7 percent above the revised June estimate of $1,958.9 billion. The July figure is 5.5 percent above the July 2022 estimate of $1,869.3 billion.
Private spending increased and public spending decreased:
Spending on private construction was at a seasonally adjusted annual rate of $1,548.9 billion, 1.0 percent above the revised June estimate of $1,533.7 billion. …
In July, the estimated seasonally adjusted annual rate of public construction spending was $423.7 billion, 0.4 percent below the revised June estimate of $425.2 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 9.4% below the recent peak.
Non-residential (blue) spending is close to the peak in May 2023.
Public construction spending is close to the peak last month.
On a year-over-year basis, private residential construction spending is down 5.4%. Non-residential spending is up 19.8% year-over-year. Public spending is up 11.4% year-over-year.