According to the United State Department of Commerce, total construction spending had grown reliably over the past five years until it paused in 2021 because of a government slowdown. However, private spending has kept a steady pace and looks to do so again in 2022.

 

Still, 2022 is going to be a year where everything is going to cost more. America leads the world in and bears the largest burden in dealing with the climate issues and the current political environment is facilitating higher fuel and labor costs, higher corporate and capital gains taxation and the implementation of new and retro planning restrictions. California's zoning override will precipitate an abundance of lawsuits, the results of which will reverberate across the country. The actual new spending elements of the infrastructure bill will add to non-residential construction, and an abundance of migrant labor will keep residential construction moving forward.

The good news is that with continued private spending and a new round of infrastructure spending the construction industry will continue to lead the country for the next few years at least.