Construction spending during February 2022 was estimated at a seasonally adjusted annual rate of $1,704.4 billion, 0.5 percent above the upwardly revised January estimate of $1,695.5 billion. The February figure is 11.2 percent above the February 2021 estimate of $1,533.3 billion. During the first two months of this year, construction spending amounted to $237.8 billion, a torrid 10.4 percent above the $215.4 billion for the same period in 2021. However, much of the dollar growth may be offset by the nearly 8.0 percent inflation that has occurred in the same time frame, while residential expenditures now compose nearly 50% of the ENTIRE total. Also of note, the public sector side has not experienced much of an increase (now only 20.58% overall), even with the massive $1.2 trillion infrastructure bill. (This may be evidence in support of critics contentions that much of the money isn’t traditionally or generally defined as basic infrastructure).
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $1,353.7 billion, 0.8 percent above the revised January estimate of $1,343.4 billion. Residential construction was at a seasonally adjusted annual rate of $850.6 billion in February, 1.1 percent above the revised January estimate of $841.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $503.0 billion in February, 0.2 percent above the revised January estimate of $502.2 billion.
PUBLIC CONSTRUCTION
In February, the estimated seasonally adjusted annual rate of public construction spending was $350.7 billion, 0.4 percent below the revised January estimate of $352.2 billion. Educational construction was at a seasonally adjusted annual rate of $80.6 billion, 1.3 percent below the revised January estimate of $81.7 billion. Highway construction was at a seasonally adjusted annual rate of $104.4 billion, 1.3 percent below the revised January estimate of $105.8 billion.
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