The US Census Bureau announced that total construction spending during October 2022 was estimated at a seasonally adjusted annual rate of $1,794.9 billion, 0.3 percent (±1.2 percent) below the revised September estimate of $1,800.1 billion. The October figure is 9.2 percent (±1.5 percent) above the October 2021 estimate of $1,644.3 billion.
During the first 10 months of this year, construction spending amounted to $1,507.8 billion, 10.8 percent (±1.0 percent) above the $1,360.8 billion for the same period in 2021.
Spending on private construction was at a seasonally adjusted annual rate of $1,420.4 billion, 0.5 percent (±0.7 percent) below the revised September estimate of $1,427.6 billion. Residential construction was at a seasonally adjusted annual rate of $887.2 billion in October, 0.3 percent (±1.3 percent) below the revised September estimate of $890.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $533.2 billion in October, 0.8 percent (±0.7 percent) below the revised September estimate of $537.6 billion.
In October, the estimated seasonally adjusted annual rate of public construction spending was $374.6 billion, 0.6 percent (±2.0 percent) above the revised September estimate of $372.5 billion. Educational construction was at a seasonally adjusted annual rate of $79.4 billion, 0.5 percent (±2.0 percent) above the revised September estimate of $79.0 billion. Highway construction was at a seasonally adjusted annual rate of $113.4 billion, 0.8 percent (±4.9 percent) below the revised September estimate of $114.3 billion.