The US Census Bureau announced that construction spending during March 2022 was estimated at a seasonally adjusted annual rate of $1,730.5 billion, 0.1 percent (±0.7 percent) above the revised February estimate of $1,728.6 billion. The March figure is 11.7 percent (±1.0 percent) above the March 2021 estimate of $1,548.6 billion.
During the first three months of this year, construction spending amounted to $376.6 billion, 12.0 percent (±1.0 percent) above the $336.3 billion for the same period in 2021.
Spending on private construction was at a seasonally adjusted annual rate of $1,379.7 billion, 0.2 percent (±0.5 percent) above the revised February estimate of $1,376.9 billion. Residential construction was at a seasonally adjusted annual rate of $882.0 billion in March, 1.0 percent (±1.3 percent) above the revised February estimate of $873.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $497.6 billion in March, 1.2 percent (±0.5 percent) below the revised February estimate of $503.6 billion.
In March, the estimated seasonally adjusted annual rate of public construction spending was $350.8 billion, 0.2 percent (±1.3 percent) below the revised February estimate of $351.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.3 billion, 0.8 percent (±1.6 percent) below the revised February estimate of $81.0 billion. Highway construction was at a seasonally adjusted annual rate of $103.1 billion, 0.4 percent (±4.1 percent) below the revised February estimate of $103.5 billion.