The U.S. Census Bureau announced construction spending in July 2022 was at a seasonally adjusted annual rate of $1,777.3 billion. This figure is a 0.4% decrease from June’s revised estimate of $1,784.3 billion and 8.5% higher than July 2021’s estimate of $1,637.3 billion.
During the first seven months of 2022, construction spending was $1,013.7 billion, a 10.8% increase from the prior-year period.
Private construction was $1,424.2 billion, 0.8% below June’s revised estimate of $1,436.4. Residential private construction dropped 1.5% below the revised June estimate, while nonresidential rose 0.4%. The adjusted rate of public construction spending was $353.1 billion in July, a 1.5% increase from June’s revised estimate of $347.9 billion.