San Diego Construction1024
San Diego Construction1024
San Diego Construction1024
San Diego Construction1024
San Diego Construction1024

February’s Value of New Construction Data Posts Impressive Year-Over-Year Increases

April 8, 2022
New construction is still strong according to the latest Value of New Construction data from the Dept. of Commerce.

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.