US Construction Spending in 2022 Was 10.2% Above 2021; December Spending Fell 0.4% Month-Over-Month

On Wednesday (2-1-23), the US Census Bureau reported that total construction spending during December 2022 was estimated at a seasonally adjusted annual rate (SAAR) of $1,809.8 billion, 0.4% below the revised November estimate of $1,817.3 billion. The December figure is 7.7% above the December 2021 estimate of $1,681.0 billion.

The value of construction in all of 2022 was $1,792.9 billion, 10.2% above the $1,626.4 billion spent in 2021.

Private construction spending was at a SAAR of $1,427.1 billion in December, 0.4% below the revised November estimate of $1,432.9 billion. Residential construction was at a SAAR of $857.2 billion in December, 0.3% below the revised November estimate of $860.0 billion. Nonresidential construction was at a SAAR of $570.0 billion in December, 0.5% below the revised November estimate of $572.9 billion.

The value of private construction in all of 2022 was $1,429.2 billion, 11.7% above the $1,279.5 billion spent in 2021. Residential construction in 2022 was $899.1 billion, 13.3% above the 2021 figure of $793.7 billion. Nonresidential construction was $530.1 billion, 9.1% above the $485.8 billion in 2021.

In December, the estimated seasonally adjusted annual rate of public construction spending was $382.7 billion, 0.4% below the revised November estimate of $384.4 billion. Educational construction was at a seasonally adjusted annual rate of $84.2 billion, 0.3% below the revised November estimate of $84.4 billion. Highway construction was at a seasonally adjusted annual rate of $117.3 billion, 1.1% above the revised November estimate of $116.0 billion.

The value of public construction in all of 2022 was $363.6 billion, 4.8% above the $347.0 billion spent in 2021. Educational construction in 2022 was $80.2 billion, 2.6% below the 2021 figure of $82.3 billion and highway construction was $108.9 billion, 8.6% above the $100.2 billion in 2021.