Construction spending during August 2022 was estimated at a seasonally adjusted annual rate of $1,781.3 billion, down 0.7% (±1.0%) from the revised July estimate and up 8.5% (±1.6%) from the August 2021 estimate, according to the U.S. Census Bureau. During the first eight months of this year, construction spending amounted to $1,183.8 billion, up 10.9% (±1.0%) from the same period in 2021.
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Private Construction
Spending on private construction was at a seasonally adjusted annual rate of $1,426.0 billion, down 0.6% (±0.7%) from the revised July estimate. Residential construction was at a seasonally adjusted annual rate of $912.9 billion in August, down 0.9% (±1.3%) from the revised July estimate. Nonresidential construction was at a seasonally adjusted annual rate of $513.1 billion in August, down 0.1% (±0.7%) from the revised July estimate.
Public Construction
In August, the estimated seasonally adjusted annual rate of public construction spending was $355.3 billion, down 0.8% (±1.8%) from the revised July estimate. Educational construction was at a seasonally adjusted annual rate of $77.6 billion, down 0.4% (±1.8%) from the revised July estimate. Highway construction was at a seasonally adjusted annual rate of $102.0 billion, down 1.4% (±4.8%) below the revised July estimate.
