U.S. Construction Spending Up Month-Over-Month and Year-Over-Year in March 2022

On Monday (5-2-22), the U.S. Census Bureau reported that total construction spending during March 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,730.5 billion, 0.1% above the revised February estimate of $1,728.6 billion. The March figure is 11.7% above the March 2021 estimate of $1,548.6 billion.

During the first three months of this year, construction spending amounted to $376.6 billion, which is 12.0% above the $336.3 billion for the same period in 2021.

Private construction spending was at a SAAR of $1,379.7 billion, 0.2% above the revised February estimate of $1,376.9 billion. Residential construction was at a SAAR of $882.0 billion in March, 1.0% above the revised February estimate of $873.2 billion. Nonresidential construction was at a SAAR of $497.6 billion in March, -1.2% below the revised February estimate of $503.6 billion.

The estimated SAAR of public construction spending was $350.8 billion, -0.2% below the revised February estimate of $351.7 billion. Educational construction was at a SAAR of $80.3 billion, -0.8% below the revised February estimate of $81.0 billion. Highway construction was at a SAAR of $103.1 billion, -0.4% below the February estimate of $103.5 billion.