Construction Spending Increases Month-Over-Month and Year-Over-Year in February 2022

On Friday (4-1-22), the U.S. Census Bureau reported that total construction spending during February 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,704.4 billion, 0.5% above the revised January estimate of $1,695.5 billion. The February figure is 11.2% above the February 2021 estimate of $1,533.3 billion. During the first two months of this year, construction spending amounted to $237.8 billion, 10.4% above the $215.4 billion for the same period in 2021.

Private construction spending was at a SAAR of $1,353.7 billion, 0.8% above the revised January estimate of $1,343.4 billion. Residential construction was at a SAAR of $850.6 billion in February, 1.1% above the revised January estimate of $841.2 billion. Nonresidential construction was at a SAAR of $503.0 billion in February, 0.2% above the revised January estimate of $502.2 billion.

In February, the estimated SAAR of public construction spending was $350.7 billion, which is -0.4% below the revised January estimate of $352.2 billion. Educational construction was at SAAR of $80.6 billion in February, -1.3% below the revised January estimate of $81.7 billion. Highway construction was at a SAAR of $104.4 billion in February, -1.3% below the revised January estimate of $105.8 billion.