Construction Spending Down 0.7% in August

Washington, DC, October 3, 2022-Construction spending during August 2022 was estimated at a seasonally adjusted annual rate of $1,781.3 billion, 0.7% below the revised July estimate of $1,793.5 billion, according to the U.S. Census Bureau.

The August figure is 8.5% above the August 2021 estimate of $1,641.6 billion. During the first eight months of this year, construction spending amounted to $1,183.8 billion, 10.9% above the $1,067.4 billion for the same period in 2021.

Spending on private construction was at a seasonally adjusted annual rate of $1,426.0 billion, 0.6% below the revised July estimate of $1,435.2 billion. Residential construction was at a seasonally adjusted annual rate of $912.9 billion in August, 0.9% below the revised July estimate of $921.6 billion. Nonresidential construction was at a seasonally adjusted annual rate of $513.1 billion in August, 0.1% below the revised July estimate of $513.6 billion.

In August, the estimated seasonally adjusted annual rate of public construction spending was $355.3 billion, 0.8% below the revised July estimate of $358.3 billion. Educational construction was at a seasonally adjusted annual rate of $77.6 billion, 0.4% below the revised July estimate of $78.0 billion. Highway construction was at a seasonally adjusted annual rate of $102.0 billion, 1.4% below the revised July estimate of $103.4 billion.