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USA | Jul 6, 2022

US construction spending fell by 0.1% in May 2022

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Real estate signs advertise new homes for sale in multiple new developments in York County, South Carolina. Photo taken February 29, 2020. (File photo: REUTERS/Lucas Jackson)

​Construction spending inched down across the United States in May 2022 to US$1.77 billion, which was 0.1 per cent less than the updated April estimate of US$1.78 billion.

The May amount is, however, 9.7 per cent more than the US$1.62 billion in May 2021. Construction investment for the first five months of this year totalled US$686.9 billion, an increase of 11 per cent from the US$619.0 billion for the same time in 2021.

Private construction 

Spending on private construction was almost exactly flat from the updated April estimate of US$1.43 billion or a seasonally adjusted annual rate of US$1.43 billion. Residential building increased by 0.2 per cent from the revised April estimate of US$935.9 billion to a seasonally adjusted annual rate of US$938.2 billion in May.

Non-residential building fell by 0.4 per cent from the revised April estimate of US$499.9 billion to a seasonally adjusted annual rate of US$497.8 billion in May.

Public construction

The estimated seasonally adjusted annual rate of public construction spending in May was US$343.8 billion, which was US$0.8 billion less than the updated estimate from April of US$346.6 billion. The seasonally adjusted annual rate for educational construction was US$78.4 billion, which was US$0.4 billion less than the updated April estimate of US$78.7 billion.

Highway construction cost US$98.1 billion annually, about 2.3 per cent less than the updated estimate from April of US$100.4 billion.

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