July 4, 2022
The estimated seasonally adjusted annual rate of construction spending in May 2022 was $1,779.8 billion, which was 0.1 percent less than the updated April estimate of $1,782.5 billion. The May amount is 9.7% more than the $1,621.9 billion May 2021 projection. Construction investment for the first five months of this year totaled $686.9 billion, an increase of 11 percent from the $619.0 billion for the same time in 2021.
Spending on private construction was almost exactly flat from the updated April estimate of $1,435.9 billion, or a seasonally adjusted annual rate of $1,436.0 billion. Residential building increased by 0.2 percent from the revised April estimate of $935.9 billion to a seasonally adjusted annual rate of $938.2 billion in May. Nonresidential building fell by 0.4 percent from the revised April estimate of $499.9 billion to a seasonally adjusted annual rate of $497.8 billion in May.
The estimated seasonally adjusted annual rate of public construction spending in May was $343.8 billion, which was $0.8 less than the updated estimate from April of $346.6 billion. The seasonally adjusted annual rate for educational construction was $78.4 billion, which was $0.4 less than the updated April estimate of $78.7 billion. Highway construction cost $98.1 billion annually, about 2.3 percent less than the updated estimate from April of $100.4 billion.
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