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

March’s Monthly Construction Spending Softens But YOY Data Remains Strong

May 5, 2022
Private commercial construction stood out for its year-over-year (YOY) growth. While it was down -1.9% in March to $94.8 billion, it’s up +15.5% year-over-year.

Total construction spending during March 2022 was estimated at a seasonally adjusted annual rate of $1,730.5 billion, +0.1% above the revised February estimate of $1,728.6 billion. According to the U.S. Census Bureau, the March figure is +11.7% above the March 2021 estimate of $1,548.6 billion. During the first three months of this year, construction spending amounted to $376.6 billion, +12% above the $336.3 billion for the same period in 2021.

Private construction

Spending on private construction was at a seasonally adjusted annual rate of $1,379.7 billion, +0.2% above the revised February estimate of $1,376.9 billion. Residential construction was at a seasonally adjusted annual rate of $882 billion in March, +1% above the revised February estimate of $873.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $497.6 billion in March, -1.2% below the revised February estimate of $503.6 billion.

Private commercial construction stood out for its year-over-year (YOY) growth. While it was down -1.9% in March to $94.8 billion, it’s up +15.5% year-over-year. Much of this growth was due to a run-up in spending on warehouses, with general commercial warehouses up +18.7% to $49.1 billion and mini-storage warehouse construction up +14.7% to $4 billion YOY.

Public construction

In March, the estimated seasonally adjusted annual rate of public construction spending was $350.8 billion, -0.2% below the revised February estimate of $351.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.3 billion, -0.8% below the revised February estimate of $81 billion.