August Construction Spending Logs Positive YTD Growth Numbers with +10.9% Boost

Total construction spending during Aug. 2022 was estimated at a seasonally adjusted annual rate of $1,781.3 billion, -0.7% below the revised July estimate of $1,793.5 billion. According to the U.S. Census Bureau, the August figure is +8.5% above the Aug. 2021 estimate of $1,641.6 billion. During the first eight months of 2022, construction spending amounted to $1,183.8 billion, +10.9% $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 billion, -0.6% 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% 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% below the revised July estimate of $513.6 billion. Private manufacturing once again led all other construction categories in year-over-year comparisons in August, tracking at a +21.6% increase over Aug. 2021 despite a -0.5% drop to $96.6 billion for the month. The Computer/electronic/electrical category was up +3.7% for the month to $30,743 million — a whopping +179.2% increase from last August.

Public construction

In August, the estimated seasonally adjusted annual rate of public construction spending was $355.3 billion, -0.8% below the revised July estimate of $358.3 billion. Educational construction was at a seasonally adjusted annual rate of $77.6 billion, -0.4% below the revised July estimate of $78 billion. State and local spending on schools is still soft, with a -0.3% decrease in August to $76,171 million.