Construction spending during Feb. 2022 was estimated at a seasonally adjusted annual rate of $1,704.4 billion, +0.5% above the revised January estimate of $1,695.5 billion. The February figure is +11.2% above the Feb. 2021 estimate of $1,533.3 billion. During the first two months of this year, construction spending amounted to $237.8 billion, +10.4% above the $215.4 billion for the same period in 2021.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,353.7 billion, +0.8% 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% above the revised January estimate of $841.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $503 billion in February, +0.2% above the revised January estimate of $502.2 billion. The private Manufacturing category had an impressive +35% increase to $96.1 billion in February with the Computer/Electronic/Electrical category up +228.9% to $26.3 billion.
Public construction. In February, the estimated seasonally adjusted annual rate of public construction spending was $350.7 billion, -0.4% 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% below the revised January estimate of $105.8 billion.
