The US Census Bureau announced that construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1 percent (±1.0 percent) below the revised May estimate of $1,781.9 billion. The June figure is 8.3 percent (±1.5 percent) above the June 2021 estimate of $1,628.0 billion.
During the first six months of this year, construction spending amounted to $848.2 billion, 10.7 percent (±1.0 percent) above the $766.0 billion for the same period in 2021.
Spending on private construction was at a seasonally adjusted annual rate of $1,416.4 billion, 1.3 percent (±0.5 percent) 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 percent (±1.3 percent) 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 percent (±0.5 percent) below the revised May estimate of $495.3 billion.
In June, the estimated seasonally adjusted annual rate of public construction spending was $345.9 billion, 0.5 percent (±1.8 percent) below the revised May estimate of $347.5 billion. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, 0.7 percent (±3.0 percent) below the revised May estimate of $78.1 billion. Highway construction was at a seasonally adjusted annual rate of $97.4 billion, 2.7 percent (±5.1 percent) below the revised May estimate of $100.1 billion.