U.S. Year-over-Year Construction Spending Advances 8.5 Percent in August

Total Construction

Construction spending during August 2022 was estimated at a seasonally adjusted annual rate of $1,781.3 billion, 0.7 percent (±1.0 percent)* below the revised July estimate of $1,793.5 billion. The August figure is 8.5 percent (±1.6 percent) above the August 2021 estimate of $1,641.6 billion.

During the first eight months of this year, construction spending amounted to $1,183.8 billion, 10.9 percent (±1.0 percent) above the $1,067.4 billion for the same period in 2021.

Private Construction

Spending on private construction was at a seasonally adjusted annual rate of $1,426.0 billion, 0.6 percent (±0.7 percent)* below the revised July estimate of $1,435.2 billion.

Residential construction was at a seasonally adjusted annual rate of $912.9 billion in August, 0.9 percent (±1.3 percent)* below the revised July estimate of $921.6 billion.

Nonresidential construction was at a seasonally adjusted annual rate of $513.1 billion in August, 0.1 percent (±0.7 percent)* below the revised July estimate of $513.6 billion.

Public Construction

In August, the estimated seasonally adjusted annual rate of public construction spending was $355.3 billion, 0.8 percent (±1.8 percent)* below the revised July estimate of $358.3 billion.

Educational construction was at a seasonally adjusted annual rate of $77.6 billion, 0.4 percent (±1.8 percent)* below the revised July estimate of $78.0 billion.

Highway construction was at a seasonally adjusted annual rate of $102.0 billion, 1.4 percent (±4.8 percent)* below the revised July estimate of $103.4 billion.