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.
Don’t miss any content from Distribution Strategy Group. Join our list.
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.
Ian Heller is the Founder and Chief Strategist for Distribution Strategy Group. He has more than 30 years of experience executing marketing and e-business strategy in the wholesale distribution industry, starting as a truck unloader at a Grainger branch while in college. He’s since held executive roles at GE Capital, Corporate Express, Newark Electronics and HD Supply. Ian has written and spoken extensively on the impact of digital disruption on distributors, and would love to start that conversation with you, your team or group. Reach out today at iheller@distributionstrategy.com.