National nonresidential construction spending increased 0.1% in August, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.22 trillion.
Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.1%, while public nonresidential construction spending was up 0.3% in August.
“Nonresidential construction spending inched higher in August, and that’s almost entirely due to ongoing infrastructure investments,” said ABC Chief Economist Anirban Basu. “Public spending accounted for all of the nonresidential segment’s monthly increase and has risen nearly 8% over the past year, significantly outpacing privately financed nonresidential construction activity. As a result of ongoing weakness in certain private subsegments, ABC’s Construction Backlog Indicator has fallen by a full month over the past year. While falling interest rates will eventually serve as a tailwind for the industry, it may be several quarters before privately financed segments see any substantial relief.”
Related Stories
Building Team | Oct 26, 2022
The U.S. hotel construction pipeline shows positive growth year-over-year at Q3 2022 close
According to the third quarter Construction Pipeline Trend Report for the United States from Lodging Econometrics (LE), the U.S. construction pipeline stands at 5,317 projects/629,489 rooms, up 10% by projects and 6% rooms Year-Over-Year (YOY).
Data Centers | Oct 25, 2022
Virginia county moves to restrict the growth of new server farms
Loudoun County, Va., home to the largest data center cluster in the world known as Data Center Alley, recently took steps to prohibit the growth of new server farms in certain parts of the county.
Museums | Oct 25, 2022
Seattle Aquarium’s new Ocean Pavilion emphasizes human connection to oceans
Seattle Aquarium’s new Ocean Pavilion, currently under construction, features several exhibits that examine the human connection with the Earth’s oceans.
Energy-Efficient Design | Oct 24, 2022
Roadmap shows how federal buildings can reach zero embodied carbon emissions by 2050
The Rocky Mountain Institute (RMI) has released a roadmap that it says charts a path for federal buildings projects to achieve zero embodied carbon emissions by 2050.
Higher Education | Oct 24, 2022
Wellesley College science complex modernizes facility while preserving architectural heritage
A recently completed expansion and renovation of Wellesley College’s science complex yielded a modernized structure for 21st century STEM education while preserving important historical features.
Transportation & Parking Facilities | Oct 20, 2022
How to comply with NYC Local Law 126 parking garage inspection rules
Effective January 1, 2022, New York City requires garage owners to retain a specially designated professional engineer to conduct an assessment and file a report at least once every six years. Hoffmann Architects + Engineers offers tips and best practices on how to comply with NYC Local Law 126 parking garage inspection rules.
Mixed-Use | Oct 20, 2022
ROI on resilient multifamily construction can be as high as 72%
A new study that measured the economic value of using FORTIFIED Multifamily, a voluntary beyond-code construction and re-roofing method developed by the Insurance Institute for Business & Home Safety (IBHS), found the return can be as high as 72%.
40 Under 40 | Oct 19, 2022
Meet the 40 Under 40 class of 2022
Each year, the editors of Building Design+Construction honor 40 architects engineers, contractors, and real estate developers as BD+C 40 Under 40 awards winners. These AEC professionals are recognized for their career achievements, passion for the AEC profession, involvement with AEC industry organizations, and service to their communities.
BAS and Security | Oct 19, 2022
The biggest cybersecurity threats in commercial real estate, and how to mitigate them
Coleman Wolf, Senior Security Systems Consultant with global engineering firm ESD, outlines the top-three cybersecurity threats to commercial and institutional building owners and property managers, and offers advice on how to deter and defend against hackers.
Designers | Oct 19, 2022
Architecture Billings Index moderates but remains healthy
For the twentieth consecutive month architecture firms reported increasing demand for design services in September, according to a new report today from The American Institute of Architects (AIA).
