Construction spending during April 2022 was estimated at a seasonally adjusted annual rate of $1,744.8 billion, 0.2 percent above the upward revised March estimate of $1,740.6 billion. The April figure is 12.3 percent above the April 2021 estimate of $1,553.5 billion. During the first four months of this year, construction spending amounted to $520.8 billion, a massive inflation tainted 12.4 percent above the $463.3 billion for the same period in 2021. The only growth experienced over revised March numbers was in residential spending (up $8.0 billion). All of the other market sectors saw slight decreases over the revised numbers.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $1,394.7 billion, 0.5 percent above the revised March estimate of $1,387.9 billion. Residential construction was at a seasonally adjusted annual rate of $891.5 billion in April, 0.9 percent above the revised March estimate of $883.5 billion. Nonresidential construction was at a seasonally adjusted annual rate of $503.2 billion in April, 0.2 percent below the revised March estimate of $504.4 billion.
PUBLIC CONSTRUCTION
In April, the estimated seasonally adjusted annual rate of public construction spending was $350.1 billion, 0.7 percent below the revised March estimate of $352.7 billion. Educational construction was at a seasonally adjusted annual rate of $79.6 billion, 0.7 percent below the revised March estimate of $80.1 billion. Highway construction was at a seasonally adjusted annual rate of $103.4 billion, 0.1 percent below the revised March estimate of $103.5 billion.
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