According to the U.S. Census Bureau, construction spending during December 2022 was estimated at a seasonally adjusted annual rate of $1,809.8 billion, 0.4% (± 0.8%) below the revised November estimate of $1,817.3 billion. The December figure is 7.7% (±1.2%) above the December 2021 estimate of $1,681.0 billion.
The value of construction in 2022 was $1,792.9 billion, 10.2% (±0.8%) above the $1,626.4 billion spent in 2021.
In December, the estimated seasonally adjusted annual rate of public construction spending was $382.7 billion, 0.4% (±1.3%) below the revised November estimate of $384.4 billion.
- Highway construction was at a seasonally adjusted annual rate of $117.3 billion, 1.1% (±3.5%) above the revised November estimate of $116.0 billion.
- Educational construction was at a seasonally adjusted annual rate of $84.2 billion, 0.3% (±2.3%) below the revised November estimate of $84.4 billion.
The value of public construction in 2022 was $363.6 billion, 4.8% (±1.3%) above the $347.0 billion spent in 2021. Highway construction was $108.9 billion, 8.6% (±3.5%) above the $100.2 billion in 2021 and educational construction in 2022 was $80.2 billion, 2.6% (±2.6%) below the 2021 figure of $82.3 billion.
Spending on private construction was at a seasonally adjusted annual rate of $1,427.1 billion, 0.4% (±0.5%) below the revised November estimate of $1,432.9 billion.
- Residential construction was at a seasonally adjusted annual rate of $857.2 billion in December, 0.3% (±1.3%) below the revised November estimate of $860.0 billion.
- Nonresidential construction was at a seasonally adjusted annual rate of $570.0 billion in December, 0.5% (±0.5%) below the revised November estimate of $572.9 billion.
The value of private construction in 2022 was $1,429.2 billion, 11.7% (±1.0%) above the $1,279.5 billion spent in 2021. Residential construction in 2022 was $899.1 billion, 13.3% (±2.1%) above the 2021 figure of $793.7 billion and nonresidential construction was $530.1 billion, 9.1% (±1.0%) above the $485.8 billion in 2021.