The U.S. Census Bureau announced construction spending in June 2022 was at a seasonally adjusted annual rate of $1,762.3 billion. This figure is a 1.1% decrease from May’s estimate of $1,781.9 billion and 8.3% higher than June 2021’s estimate of $1,628 billion.
During the first six months of 2022, construction spending was $848.2 billion, a 10.7% increase from the prior year period.
Private construction was $1,416.4 billion, 1.3% below May’s estimate of $1,434.4. Residential and nonresidential private construction dropped 1.6% and 0.5%, respectively, below the revised May estimate. The adjusted rate of public construction spending was $345.9 billion in June, a 0.5% drop from May’s estimate of $347.5 billion.