February 2022 P.I.P Construction Spending – U.S. Census Bureau 

P.I.P. construction spending increased from $1.695T to $1.704T, a +0.5% increase from last month and an +11.2% increase from February 2021. Of the total spending, residential broke out to $859B or 50.4% and non-residential to $844B or 49.5%. Residential spending grew +1.1% from January 2022 and +16.5% from February 2021. Non-residential spending shrank –0.1% from last month but increased +6.2% from last year. Given the current inflation rate of 7.9% real volume of non-residential construction has decreased –1.7%. In other words, for every 100 buildings built between 2020 and 2021, the total number of buildings developed fell to 98.  

Private spending on non-residential construction has risen +2.3% from last month in the transportation sector and +1.4% in the power sector. Commercial spending has fall –1.3% and –0.7% in health care. Over the last year manufacturing has stood out as a leader in construction spending, increasing spending by +35%. Following up Manufacturing has been Commercial with an +18.8% increase from last year and construction for educational institutions has increased by +16.3%.  

Public spending has seen a +4.8% increase in construction spending on water supply and +2.2% increase on construction spending for sewage and waste disposal. Public Safety and Health Care both saw smaller increases from last month at +1.8% and +1.7% respectively. In the 1-year period Conservation and development, water supply, Educational, and Power have seen double digit growth, amusement and recreation has seen the most dramatic decrease while public safety construction spending has also decreased by –7.9%