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

Construction Spending Down -1.1% in June to $1,762.3 Billion But YOY & YTD Date Strong

Aug. 11, 2022
YOY industrial construction numbers were robust in June's Value of New Construction data from the U.S. Census Bureau.

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.