Monthly Construction Spending Declined in August 2022

On Monday (10-3-22), the US Census Bureau reported that total construction spending during August 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,781.3 billion, 0.7% below the revised July estimate of $1,793.5 billion. The August figure is 8.5% above the August 2021 estimate of $1,641.6 billion.

During the first eight months of this year, construction spending amounted to $1,183.8 billion, or 10.9% above the $1,067.4 billion for the same period in 2021.

Private construction spending was at a SAAR of $1,426.0 billion, 0.6% below the revised July estimate of $1,435.2 billion. Residential construction was at a SAAR of $912.9 billion in August, 0.9% below the revised July estimate of $921.6 billion. Nonresidential construction was at a SAAR of $513.1 billion in August, 0.1% below the revised July estimate of $513.6 billion.

In August, the estimated SAAR of public construction spending was $355.3 billion, 0.8% below the revised July estimate of $358.3 billion. Educational construction was at a SAAR of $77.6 billion, 0.4% below the revised July estimate of $78.0 billion. Highway construction was at a SAAR of $102.0 billion, 1.4% below the revised July estimate of $103.4 billion.