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

Put in Place Construction spending for March 2022 increased by +0.1% from last month but increased +11.7% from March 2021. Residential makes up a large part of the increase up 18.2% from March 2021. Non-residential private construction increased 8.5% from March 2021 in line with the 8.5% inflation we’ve dealt with over the same period. Non-residential public construction has fared much worse, up 1.7% from March 2021, -6.8% under the inflation rate.  

In total, office and public safety have seen the largest decrease in spending of all non-residential construction verticals, down –26.6% and –23.4% respectively. The best performing vertical was manufacturing followed by conservation and developed at 31.9% and 15.3%; following those was commercial, up 14.7%. 

In the public sector large improvements were made in the power sector over the past 12 months, up 22.4%. Out of 16 verticals, 11 saw decreases in put in place spending this month. The five which posted gains include: Office, Public safety, communication, sewage and waste, and conservation.