August 2022 Private Market and Economic Outlook

August 11, 2022

August 2022 Private Market and Economic Outlook

For June of this year, total design and construction spending was up year-over-year by 8.3%, compared to the same month last year. This is largely due to an ongoing trend of increased residential spending which is still up 15.6%. Private non-residential is up just 1.7% year-over-year, and public spending is now leveling out at 0.4% compared to this time last year.

The hottest market in the non-residential sector is still manufacturing, which is up 22.5% from the previous year. Residential has passed commercial spending from the previous month up 20.8%, based on data that was not seasonally adjusted from the U.S. Census Bureau.

The U.S. has experienced two consecutive quarters of negative growth in GDP which, by definition, would be a recession, however record job growth conflicts with this assessment. According to NPR, the National Bureau of Economic Research determines when the U.S. economy is in a recession.

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