Building Design+Construction's monthly Market Intelligence Report offers a snapshot of the health of the U.S. building construction industry, including the commercial, multifamily, institutional, and industrial building sectors. This report tracks the latest metrics related to construction spending, demand for design services, contractor backlogs, and material price trends.
Data for the Market Intelligence Report is gleaned from reputable economic sources, including the American Institute of Architects, Associated Builders and Contractors, and the U.S. Census Bureau.
Here are some of the highlights from the March 2024 report:
- U.S. construction spending for commercial, institutional, industrial, and multifamily buildings continues its historic run, rising to $863.3 billion in annualized spending as of late January (up 1.4% from the previous month and 16.1% from the previous year).
- When looking at year-over-year spending growth, the following sectors saw the biggest jump: manufacturing, public safety, religious, educational, amusement/recreation, and healthcare.
- Construction backlogs shrink: The average U.S. contractor had 8.1 months worth of building construction work in the pipeline as of February 2024, down 1.3 months from the same time last year. There are a variety of factors at play here, namely an increase in project postponements and cancellations, the high cost of capital, and inflation.
- AIA's Architecture Billings Index dipped to 45.4, extending its streak of sub-50 marks to seven months. This means that, among the architecture firms surveyed by AIA in January, more firms than not reported a decrease in billings.
- Construction material prices rose 1.4% in February, making it back-to-back months of rising prices following a streak of three consecutive monthly declines.
Related Stories
Market Data | Jun 1, 2020
Nonresidential construction spending falls in April
Of the 16 subcategories, 13 were down on a monthly basis.
Market Data | Jun 1, 2020
7 must reads for the AEC industry today: June 1, 2020
Energy storage as an amenity and an entry-point for wellness screening everywhere.
Market Data | May 29, 2020
House-passed bill making needed improvements to paycheck protection program will allow construction firms to save more jobs
Construction official urges senate and White House to quickly pass and sign into law the Paycheck Protection Program Flexibility Act.
Market Data | May 29, 2020
7 must reads for the AEC industry today: May 29, 2020
Using lighting IoT data to inform a safer office reentry strategy and Ghafari joins forces with Eview 360.
Market Data | May 27, 2020
5 must reads for the AEC industry today: May 28, 2020
Biophilic design on the High Line and the office market could be a COVID-19 casualty.
Market Data | May 27, 2020
6 must reads for the AEC industry today: May 27, 2020
AIA's COTE Top Ten Awards and OSHA now requires employers to track COVID-19 cases.
Market Data | May 26, 2020
6 must reads for the AEC industry today: May 26, 2020
Apple's new Austin hotel and is CLT really a green solution?
Market Data | May 21, 2020
7 must reads for the AEC industry today: May 21, 2020
'Creepy' tech invades post-pandemic offices, and meet the new darling of commercial real estate.
Market Data | May 20, 2020
6 must reads for the AEC industry today: May 20, 2020
A wave 'inside' a South Korean building and architecture billings continues historic contraction.
Market Data | May 20, 2020
Architecture billings continue historic contraction
AIA’s Architecture Billings Index (ABI) score of 29.5 for April reflects a decrease in design services provided by U.S. architecture firms.
