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Construction Spending Increased 0.5% in February

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by Calculated Risk on 4/01/2022 11:25:00 AM

From the Census Bureau reported that overall construction spending increased 1.3%:

Construction spending during February 2022 was estimated at a seasonally adjusted annual rate of
$1,704.4 billion, 0.5 percent above the revised January estimate of $1,695.5 billion. The
February figure is 11.2 percent above the February 2021 estimate of $1,533.3 billion.
emphasis added

Private spending increased and public spending decreased:

Spending on private construction was at a seasonally adjusted annual rate of $1,353.7 billion, 0.8 percent above the revised January estimate of $1,343.4 billion. …

In February, the estimated seasonally adjusted annual rate of public construction spending was $350.7 billion, 0.4 percent below the revised January estimate of $352.2 billion.

Click on graph for larger image.

This graph shows private residential and nonresidential construction spending, and public spending, since 1993. Note: nominal dollars, not inflation adjusted.

Residential (red) spending is 25% above the bubble peak (in nominal terms – not adjusted for inflation).

Non-residential (blue) spending is 21% above the bubble era peak in January 2008 (nominal dollars).

Public construction spending is 8% above the peak in March 2009.

The second graph shows the year-over-year change in construction spending.

On a year-over-year basis, private residential construction spending is up 16.6%. Non-residential spending is up 9.7% year-over-year. Public spending is up 1.4% year-over-year.

This was below consensus expectations of a 0.9% increase in spending; however, construction spending for the previous two months was revised up.

March Employment Report: 431 thousand Jobs, 3.6% Unemployment Rate

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