Construction Spending Declined 0.4% in July

Washington, DC, September 1, 2022-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, according to the U.S. Census Bureau. The July figure is 8.5% above the July 2021 estimate of $1,637.3 billion. During the first seven months of this year, construction spending amounted to $1,013.7 billion, 10.8% above the $915.2 billion for the same period in 2021.

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.

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. Highway construction was at a seasonally adjusted annual rate of $102.7 billion, 4.3% above the revised June estimate of $98.4 billion.