Construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, -1.1% below the revised May estimate of $1,781.9 billion. The June figure is +8.3% above the June 2021 estimate of $1,628 billion. According to the U.S. Census Bureau, during the first six months of this year, construction spending amounted to $848.2 billion, +10.7% above the $766 billion for the same period in 2021.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,416.4 billion, -1.3% below the revised May estimate of $1,434.4 billion. Residential construction was at a seasonally adjusted annual rate of $923.7 billion in June, -1.6% below the revised May estimate of $939.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $492.7 billion in June, -0.5% below the revised May estimate of $495.3 billion. The Private Manufacturing category continues to outpace all other construction niches. While it was down -0.1% in June to $92,314 million, year-over-year it’s up +20.2%, lead by a +111% increase in the Nonmetallic mineral category and a +149.2% increase in the Computer/electronic/electrical category.
Public construction. In June, the estimated seasonally adjusted annual rate of public construction spending was $345.9 billion, -0.5% below the revised May estimate of $347.5 billion. Educational construction, the largest individual public construction category after the Highway & Street category, was at a seasonally adjusted annual rate of $77.5 billion, -0.7% below the revised May estimate of $78.1 billion.
