The U.S. Census Bureau announced that the value of total construction spending during August 2022 was estimated at a seasonally adjusted annual rate of $1,781.3 billion, 0.7 percent below the upward revised July estimate of $1,793.5 billion. The August figure is 8.5 percent above the August 2021 estimate of $1,641.6 billion. During the first eight months of this year, construction spending amounted to $1,183.8 billion, 10.9 percent above the $1,067.4 billion for the same period in 2021.
PRIVATE CONSTRUCTION
Spending on private construction was at a seasonally adjusted annual rate of $1,426.0 billion, 0.6 percent below the revised July estimate of $1,435.2 billion. Residential construction was at a seasonally adjusted annual rate of $912.9 billion in August, 0.9 percent below the revised July estimate of $921.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $513.1 billion in August, 0.1 percent below the revised July estimate of $513.6 billion.
PUBLIC CONSTRUCTION
In August, the estimated seasonally adjusted annual rate of public construction spending was $355.3 billion, 0.8 percent below the revised July estimate of $358.3 billion. Educational construction was at a seasonally adjusted annual rate of $77.6 billion, 0.4 percent below the revised July estimate of $78.0 billion. Highway construction was at a seasonally adjusted annual rate of $102.0 billion, 1.4 percent below the revised July estimate of $103.4 billion.
Comments