July 2022 P.I.P Spending – U.S. Census Bureau

July 2022 Value of Construction Put in Place declined -0.4%. From July 2021 however, we see an 8.5% increase. This suggests that the total volume of construction work has stayed fairly flat over the year as the inflation rate hovers around 8.5%. Residential Construction has seen a -1.5% fall from last month but the total volume of residential construction has increased. This is evidenced by the +14% increase in spending from July 2021, 5.5% higher than the inflation rate. Non-residential construction has seen a dip in volume over the past year as the total spend has increased by +3.1%, 5.4% less than the inflation.

Major sectors to note over the past year have been: private commercial spending, private educational spending, private manufacturing spending, as well as public water supply spending. Together these sectors have added $3.6B in spending over the last year. Over the past month we have seen large changes in spending from: Public Safety and Highway and Street. While money from the infrastructure bill has not been released yet, we hypothesize that this spending will ultimately be realized as part of the infrastructure plan.