by Calculated Danger on 5/03/2021 10:18:00 AM

From the Census Bureau reported that total building spending decreased:

Development spending throughout March 2021 was estimated at a seasonally adjusted annual fee of $1,513.1 billion, 0.2 % above the revised February estimate of $1,509.9 billion. The March determine is 5.3 % above the March 2020 estimate of $1,436.7 billion.
emphasis added

Personal spending elevated and public spending decreased:

Spending on personal building was at a seasonally adjusted annual fee of $1,169.2 billion, 0.7 % above the revised February estimate of $1,160.9 billion. …

In March, the estimated seasonally adjusted annual fee of public building spending was $343.9 billion, 1.5 % beneath the revised February estimate of $349.0 billion.

Click on on graph for bigger picture.

This graph exhibits personal residential and nonresidential building spending, and public spending, since 1993. Observe: nominal {dollars}, not inflation adjusted.

Residential spending is 7% above the bubble peak (in nominal phrases – not adjusted for inflation).

Non-residential spending is 7% above the earlier peak in January 2008 (nominal {dollars}), however has been weak just lately.

Public building spending is 6% above the earlier peak in March 2009, and 31% above the austerity low in February 2014.

The second graph exhibits the year-over-year change in building spending.

On a year-over-year foundation, personal residential building spending is up 23.3%. Non-residential spending is down 9.1% year-over-year. Public spending is down 4.6% year-over-year.

Development was thought of a necessary service in most areas and didn’t decline sharply like many different sectors, but it surely appears possible that non-residential will probably be below strain. For instance, lodging is down 24% YoY, multi-retail down 31.5% YoY, and workplace down 4.2% YoY.

This was effectively beneath consensus expectations of a 2.0% enhance in spending, and building spending for the earlier two months was revised down.