The US Census Bureau announced that construction spending during February 2022 was estimated at a seasonally adjusted annual rate of $1,704.4 billion, 0.5 percent (±0.7 percent) above the revised January estimate of $1,695.5 billion. The February figure is 11.2 percent (±1.2 percent) above the February 2021 estimate of $1,533.3 billion.
During the first two months of this year, construction spending amounted to $237.8 billion, 10.4 percent (±1.0 percent) above the $215.4 billion for the same period in 2021.
Spending on private construction was at a seasonally adjusted annual rate of $1,353.7 billion, 0.8 percent (±0.7 percent) above the revised January estimate of $1,343.4 billion. Residential construction was at a seasonally adjusted annual rate of $850.6 billion in February, 1.1 percent (±1.3 percent) above the revised January estimate of $841.2 billion. Nonresidential construction was at a seasonally adjusted annual rate of $503.0 billion in February, 0.2 percent (±0.7 percent) above the revised January estimate of $502.2 billion.
In February, the estimated seasonally adjusted annual rate of public construction spending was $350.7 billion, 0.4 percent (±1.3 percent) below the revised January estimate of $352.2 billion. Educational construction was at a seasonally adjusted annual rate of $80.6 billion, 1.3 percent (±1.8 percent) below the revised January estimate of $81.7 billion. Highway construction was at a seasonally adjusted annual rate of $104.4 billion, 1.3 percent (±4.8 percent) below the revised January estimate of $105.8 billion.