Construction Spending in June Down Month-Over-Month but Up Year-Over-Year

On Monday (8-1-22), the US Census Bureau reported that total construction spending during June 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,762.3 billion, 1.1% below the revised May estimate of $1,781.9 billion. The June figure is 8.3% above the June 2021 estimate of $1,628.0 billion.

During the first six months of this year, construction spending amounted to $848.2 billion, 10.7% above the $766.0 billion for the same period in 2021.

Private construction spending was at a SAAR of $1,416.4 billion, 1.3% below the revised May estimate of $1,434.4 billion. Residential construction was at a SAAR of $923.7 billion in June, 1.6% below the revised May estimate of $939.2 billion. Nonresidential construction was at a SAAR of $492.7 billion in June, 0.5% below the revised May estimate of $495.3 billion.

The estimated SAAR of public construction spending was $345.9 billion, 0.5% below the revised May estimate of $347.5 billion. Educational construction was at a SAAR of $77.5 billion in June, 0.7% below the revised May estimate of $78.1 billion. Highway construction was at a SAAR of $97.4 billion, 2.7% below the May estimate of $100.1 billion.