May 2022 P.I.P. – US Census Bureau

Overall construction spending has decreased slightly from April 2022 to May 2022 by -0.1%. Broken into sectors, residential spending increased by +0.2% while non-residential construction declined -0.6%. Private construction saw non change from last month while Public Construction declined -0.8%. 

From May of 2021 total spending has increased +9.7% while inflation over this period increased by +8.6%. Taking inflation into account real construction spending growth of +1.1% occurred over the period May 2021 to May 2022. In nominal terms, non-residential construction saw a +1.0% increase in construction spending while residential saw +18.7%. Private construction increased by 13.2% from May 2021 and Public Construction fell -2.7% during the same time period.

The largest increase in construction spending over the 1 year period has been from the manufacturing sector, increasing spending by +26.3%, we see the largest declines from the office sector, down -11.7% from May 2021.