The U.S. Census Bureau announced that the value of total construction spending during September 2022 was estimated at a seasonally adjusted annual rate of $1,811.1 billion, 0.2 percent above the upward revised August estimate of $1,807.0 billion. The September figure is 10.9 percent above the September 2021 estimate of $1,632.9 billion. Nonresidential spending trended upwards, but surprisingly overall public sector was down slightly from the revised August levels. During the first nine months of this year, construction spending amounted to $1,353.7 billion, 11.4 percent (not adjusted for inflation) above the $1,215.6 billion for the same period in 2021.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $1,450.3 billion, 0.4 percent above the revised August estimate of $1,444.9 billion. Residential construction was at a seasonally adjusted annual rate of $918.0 billion in September, virtually unchanged from the revised August estimate of $918.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $532.3 billion in September, 1.0 percent above the revised August estimate of $526.9 billion.
PUBLIC CONSTUCTION
In September, the estimated seasonally adjusted annual rate of public construction spending was $360.9 billion, 0.4 percent below the revised August estimate of $362.1 billion. Educational construction was at a seasonally adjusted annual rate of $78.2 billion, virtually unchanged from the revised August estimate of $78.2 billion. Highway construction was at a seasonally adjusted annual rate of $108.4 billion, 1.7 percent above the revised August estimate of $106.6 billion.
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