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

In total construction spending has risen +0.2% from March 2022 and +12.3% from April 2021. Over the first four months of 2022 construction spending has been 12.4% of the same period in 2021. While total spend has risen so has inflation. Comparing spending after inflation we see that total construction volume has fallen compared to this time last year. 

  Of the total construction spend, private construction made up 80% coming in just under $1.4T. Residential construction made up $891B while non-residential construction made up $503B. Residential construction, up +18.4% remains ahead of inflation indicating a rising volume. Outside of residential construction we see many verticals experiencing growth and some struggling to find work. Lodging has been one the largest decrease, down -20.2%.  Office construction, once struggling, is beginning to find its way back up 5.4% from last year. Health care has largely maintained its volume, rising +19.2% from last April 2021. Manufacturing construction has expanded its volume, rising +33.9% from last year and posting the largest gains from last month at +1.6% growth.  

Public construction is another story, making up a much smaller percentage of the total spend. Residential construction by the government has grown 1.8% from last year, however after inflation we see a large decrease in construction volume. We see the largest increases in spending over the 1 year from the power sector, +22.8% and the conservation sector, +27%. We see signs of struggling from public commercial projects, down -7% from last year. From last month we see a large decrease in public commercial construction down 5.3% from last month.