Nonresidential construction climbs 0.2% in March

by Christopher Brinckerhoff | May 23, 2024 6:00 am

U.S. nonresidential construction spending increased 0.2 percent in March, according to an Associated Builders and Contractors (ABC) analysis.[1]
U.S. nonresidential construction spending increased 0.2 percent in March, according to an Associated Builders and Contractors (ABC) analysis.
Image courtesy Associated Builders and Contractors (ABC)

U.S. nonresidential construction spending increased 0.2 percent in March, according to an Associated Builders and Contractors (ABC)[2] analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.19 trillion.

Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.2 percent, while public nonresidential construction spending was up 0.8 percent in March.

Anirban Basu, chief economist at ABC, says, “Nonresidential construction spending rebounded in March, ending a streak of two straight monthly declines. The increase was entirely due to increased public construction spending; private sector nonresidential spending dipped slightly lower in March. Despite wavering over the first three months of 2024, nonresidential spending is now up approximately 35 percent from the start of the pandemic and has outpaced economy-wide inflation (plus-20 percent) over that span. Ongoing spending strength, driven by both the public sector and the ascendant manufacturing category, continues to support healthy backlog for contractors, according to ABC’s Construction Backlog Indicator.”

Endnotes:
  1. [Image]: https://www.metalarchitecture.com/wp-content/uploads/2024/05/Spending_Graph_5.1.24.jpg
  2. Associated Builders and Contractors (ABC): https://www.abc.org/

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