flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Nonresidential construction spending up 0.4% in February 2023

Market Data

Nonresidential construction spending up 0.4% in February 2023

Nonresidential spending totaled $982.2 billion for the month, up 0.4% from January and 16.8% from the previous year. 


By Associated Builders and Contractors | April 4, 2023
Nonresidential construction spending up 0.4% in February 2023 Image by Heike Georg from Pixabay
Image by Heike Georg from Pixabay

National nonresidential construction spending increased 0.4% in February, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $982.2 billion for the month, up 16.8% from the previous year. 

Spending declined on a monthly basis in nine of the 16 nonresidential subcategories. Private nonresidential spending was up 0.7%, while public nonresidential construction spending was down 0.2% in February.

“Nonresidential construction spending increased for the eighth time in the past nine months in February,” said ABC Chief Economist Anirban Basu. “Importantly, almost all of the nonresidential sector’s momentum is attributable to manufacturing-related construction, which accounted for nearly 35% of the year-over-year growth in spending. Excluding the manufacturing segment, spending in the other 15 nonresidential segments collectively declined in February.

“While the manufacturing segment should continue to see elevated levels of investment, tightening credit conditions will likely hinder nonresidential construction momentum in the near term,” said Basu. “Contractors maintain a healthy level of backlog, according to ABC’s Construction Backlog Indicator, but a gloomy economic outlook and difficulty securing financing are potential headwinds for the industry for the rest of 2023.”

Nonresidential construction spending up 0.4% in February 2023

Nonresidential construction spending up 0.4% in February 2023

 

 

Related Stories

Self-Storage Facilities | Dec 16, 2022

Self-storage development booms in high multifamily construction areas

A 2022 RentCafe analysis finds that self-storage units swelled in conjunction with metros’ growth in apartment complexes.

Market Data | Dec 13, 2022

Contractors' backlog of work reaches three-year high

U.S. construction firms have, on average, 9.2 months of work in the pipeline, according to ABC's latest Construction Backlog Indicator. 

Contractors | Dec 6, 2022

Slow payments cost the construction industry $208 billion in 2022

The cost of floating payments for wages and invoices represents $208 billion in excess cost to the construction industry, a 53% increase from 2021, according to a survey by Rabbet, a provider of construction finance software.

Mass Timber | Dec 1, 2022

Cross laminated timber market forecast to more than triple by end of decade

Cross laminated timber (CLT) is gaining acceptance as an eco-friendly building material, a trend that will propel its growth through the end of the 2020s. The CLT market is projected to more than triple from $1.11 billion in 2021 to $3.72 billion by 2030, according to a report from Polaris Market Research.

Market Data | Nov 15, 2022

Construction demand will be a double-edged sword in 2023

Skanska’s latest forecast sees shorter lead times and receding inflation, but the industry isn’t out of the woods yet.

Reconstruction & Renovation | Nov 8, 2022

Renovation work outpaces new construction for first time in two decades

Renovations of older buildings in U.S. cities recently hit a record high as reflected in architecture firm billings, according to the American Institute of Architects (AIA).

Market Data | Nov 3, 2022

Building material prices have become the calm in America’s economic storm

Linesight’s latest quarterly report predicts stability (mostly) through the first half of 2023

Building Team | Nov 1, 2022

Nonresidential construction spending increases slightly in September, says ABC

National nonresidential construction spending was up by 0.5% in September, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau.

Hotel Facilities | Oct 31, 2022

These three hoteliers make up two-thirds of all new hotel development in the U.S.

With a combined 3,523 projects and 400,490 rooms in the pipeline, Marriott, Hilton, and InterContinental dominate the U.S. hotel construction sector.

Codes and Standards | Oct 26, 2022

‘Landmark study’ offers key recommendations for design-build delivery

The ACEC Research Institute and the University of Colorado Boulder released what the White House called a “landmark study” on the design-build delivery method.

boombox1
boombox2
native1

More In Category




halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021