July 2022 Construction Spending
The U.S. Census Bureau announced construction spending for July 2022 was at a seasonally adjusted annual rate of $1,773 billion, 0.4% below the revised estimate of $1,784 billion in June. However, construction spending in July was up 9% compared to last year.
While private construction spending in July was $1,424 billion, 0.8% below the revised June estimate, public construction spending was $353 billion, 1.5% above the revised June estimate. One of the vital contributors to public construction was highway construction at $103 billion, 4.3% above the revised June estimate of $98 billion.
In the first seven months of this year, the total construction value was $1,014 billion, 10.8% above for the same period in 2021. Compared to July 2021, highway construction through July 2022 was up 0.3% to $54 billion.
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