Construction Spending Rose 1.3% in February to $1,655B

Washington, DC, March 1, 2022-Construction spending during January 2022 was estimated at a seasonally adjusted annual rate of $1,677.2 billion, 1.3% above the revised December estimate of $1,655.8 billion, according to the U.S. Census Bureau.

The January figure is 8.2% above the January 2021 estimate of $1,549.8 billion.

Spending on private construction was at a seasonally adjusted annual rate of $1,326.5 billion, 1.5% above the revised December estimate of $1,307.1 billion. Residential construction was at a seasonally adjusted annual rate of $829.4 billion in January, 1.3% above the revised December estimate of $819.0 billion. Nonresidential construction was at a seasonally adjusted annual rate of $497.2 billion in January, 1.8% above the revised December estimate of $488.2 billion.

In January, the estimated seasonally adjusted annual rate of public construction spending was $350.7 billion, 0.6% above the revised December estimate of $348.7 billion. Educational construction was at a seasonally adjusted annual rate of $80.9 billion, virtually unchanged from the revised December estimate of $81.0 billion. Highway construction was at a seasonally adjusted annual rate of $105.3 billion, 0.1% below the revised December estimate of $105.5 billion.