Construction spending during January 2022 was estimated at a seasonally adjusted annual rate of $1,677.2 billion, 1.3 percent above the upwardly revised December estimate of $1,655.8 billion. The January figure is 8.2 percent above the January 2021 estimate of $1,549.8 billion. [NOTE: During the early part of this year, comparisons against early 2021 figures may be greatly affected by the inflationary growth that took hold in mid-late 2021].
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $1,326.5 billion, 1.5 percent above the revised December estimate of $1,307.1 billion. Residential construction was at a seasonally adjusted annual rate of $829.4 billion in January, 1.3 percent above the revised December estimate of $819.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $497.2 billion in January, 1.8 percent above the revised December estimate of $488.2 billion.
PUBLIC CONSTRUCTION
In January, the estimated seasonally adjusted annual rate of public construction spending was $350.7 billion, 0.6 percent above the revised December estimate of $348.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.9 billion, virtually unchanged from the revised December estimate of $81.0 billion. Highway construction was at a seasonally adjusted annual rate of $105.3 billion, 0.1 percent below the revised December estimate of $105.5 billion.
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