Total construction spending during July 2022 was estimated at a seasonally adjusted annual rate of $1,777.3 billion, -0.4% below the revised June estimate of $1,784.3 billion. The July figure is +8.5% above the July 2021 estimate of $1,637.3 billion. During the first seven months of 2022, construction spending amounted to $1,013.7 billion, +10.8% above the $915.2 billion for the same period in 2021, according to the U.S. Census Bureau.
Private construction. Spending on private construction was at a seasonally adjusted annual rate of $1,424.2 billion, -0.8% below the revised June estimate of $1,436.4 billion. Residential construction was at a seasonally adjusted annual rate of $920.4 billion in July, -1.5% below the revised June estimate of $934.4 billion. Nonresidential construction was at a seasonally adjusted annual rate of $503.9 billion in July, +0.4% above the revised June estimate of $502.1 billion.
The private manufacturing segment experience the greatest year-over-year (YOY) growth by far, with a +19.2% increase in July to $94 billion. The Computer/electronic/electrical category was responsible for a big chunk of this construction activity, with a humongous +136% YOY increase to $27.6 billion. It’s likely that much of this growth can be attributed to the multi-billion dollar mega-projects breaking ground in the semiconductor, EV battery and renewables niches.
Public construction. In July, the estimated seasonally adjusted annual rate of public construction spending was $353.1 billion, +1.5% above the revised June estimate of $347.9 billion. Educational construction was at a seasonally adjusted annual rate of $77.2 billion, -0.1% below the revised June estimate of $77.3 billion.
