The U.S. Census Bureau announced that the value of total construction spending during October 2022 was estimated at a seasonally adjusted annual rate of $1,794.9 billion, 0.3 percent below the downward revised September estimate of $1,800.1 billion. The October figure is 9.2 percent above the October 2021 estimate of $1,644.3 billion. The month-over-month drop was particularly felt on the private sector side (down over $7 billion), while the public sector market saw increases, although the transportation segment has yet to see a burst of spending expected from the infrastructure bill passed a year ago. During the first ten months of this year, construction spending amounted to $1,507.8 billion, 10.8 percent above the $1,360.8 billion for the same period in 2021.
PRIVATE CONSTRUCTION
Private Construction Spending on private construction was at a seasonally adjusted annual rate of $1,420.4 billion, 0.5 percent below the revised September estimate of $1,427.6 billion. Residential construction was at a seasonally adjusted annual rate of $887.2 billion in October, 0.3 percent below the revised September estimate of $890.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $533.2 billion in October, 0.8 percent below the revised September estimate of $537.6 billion.
PUBLIC CONSTRUCTION
In October, the estimated seasonally adjusted annual rate of public construction spending was $374.6 billion, 0.6 percent above the revised September estimate of $372.5 billion. Educational construction was at a seasonally adjusted annual rate of $79.4 billion, 0.5 percent above the revised September estimate of $79.0 billion. Highway construction was at a seasonally adjusted annual rate of $113.4 billion, 0.8 percent below the revised September estimate of $114.3 billion.
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