Construction Spending Inched Down 1.1% in June

Washington, DC, August 1, 2022-Construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1% below the revised May estimate of $1,781.9 billion, according to the U.S. Census Bureau. The June figure is 8.3% 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% 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% 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% 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% 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% below the revised May estimate of $347.5 billion. Educational construction was at a seasonally adjusted annual rate of $77.5 billion, 0.7% below the revised May estimate of $78.1 billion. Highway construction was at a seasonally adjusted annual rate of $97.4 billion, 2.7% below the revised May estimate of $100.1 billion.