Construction spending during March 2022 was estimated at a seasonally adjusted annual rate of $1,730.5 billion, 0.1 percent above the upward revised February estimate of $1,728.6 billion. The March figure is 11.7 percent above the March 2021 estimate of $1,548.6 billion. Residential spending surged past 50 percent of the entire market outlays, fueling the monthly increase while masking some declines or stagnate results in other sectors. During the first three months of this year, construction spending amounted to $376.6 billion, an inflation tinted 12.0 percent above the $336.3 billion for the same period in 2021.
PRIVATE CONSTRUCTION
Construction Spending on private construction was at a seasonally adjusted annual rate of $1,379.7 billion, 0.2 percent above the revised February estimate of $1,376.9 billion. Residential construction was at a seasonally adjusted annual rate of $882.0 billion in March, 1.0 percent above the revised February estimate of $873.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $497.6 billion in March, 1.2 percent below the revised February estimate of $503.6 billion.
PUBLIC CONSTRUCTION
In March, the estimated seasonally adjusted annual rate of public construction spending was $350.8 billion, 0.2 percent below the revised February estimate of $351.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.3 billion, 0.8 percent below the revised February estimate of $81.0 billion. Highway construction was at a seasonally adjusted annual rate of $103.1 billion, 0.4 percent below the revised February estimate of $103.5 billion.
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