The U.S. Census Bureau announced that the value put in place construction statistics for July 2022 was estimated at a seasonally adjusted annual rate of $1,777.3 billion, 0.4 percent below the upward revised June estimate of $1,784.3 billion. The July figure is 8.5 percent above the July 2021 estimate of $1,637.3 billion. During the first seven months of this year, construction spending amounted to $1,013.7 billion, an inflation impacted 10.8 percent above the $915.2 billion for the same period in 2021.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $1,424.2 billion, 0.8 percent below the revised June estimate of $1,436.4 billion. Residential construction was at a seasonally adjusted annual rate of $920.4 billion in July, 1.5 percent below the revised June estimate of $934.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $503.9 billion in July, 0.4 percent above the revised June estimate of $502.1 billion.
PUBLIC CONSTRUCTION
In July, the estimated seasonally adjusted annual rate of public construction spending was $353.1 billion, 1.5 percent above the revised June estimate of $347.9 billion. Educational construction was at a seasonally adjusted annual rate of $77.2 billion, 0.1 percent below the revised June estimate of $77.3 billion. Highway construction was at a seasonally adjusted annual rate of $102.7 billion, 4.3 percent above the revised June estimate of $98.4 billion.
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