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
AEC Tech | Jan 16, 2020
EC firms with a clear ‘digital roadmap’ should excel in 2020
Deloitte, in new report, lays out a risk mitigation strategy that relies on tech.
Market Data | Jan 13, 2020
Construction employment increases by 20,000 in December and 151,000 in 2019
Survey finds optimism about 2020 along with even tighter labor supply as construction unemployment sets record December low.
Market Data | Jan 10, 2020
North America’s office market should enjoy continued expansion in 2020
Brokers and analysts at two major CRE firms observe that tenants are taking longer to make lease decisions.
Market Data | Dec 17, 2019
Architecture Billings Index continues to show modest growth
AIA’s Architecture Billings Index (ABI) score of 51.9 for November reflects an increase in design services provided by U.S. architecture firms.
Market Data | Dec 12, 2019
2019 sets new record for supertall building completion
Overall, the number of completed buildings of at least 200 meters in 2019 declined by 13.7%.
Market Data | Dec 4, 2019
Nonresidential construction spending falls in October
Private nonresidential spending fell 1.2% on a monthly basis and is down 4.3% from October 2018.
Market Data | Nov 25, 2019
Office construction lifts U.S. asking rental rate, but slowing absorption in Q3 raises concerns
12-month net absorption decelerates by one-third from 2018 total.
Market Data | Nov 22, 2019
Architecture Billings Index rebounds after two down months
The Architecture Billings Index (ABI) score in October is 52.0.
Market Data | Nov 14, 2019
Construction input prices unchanged in October
Nonresidential construction input prices fell 0.1% for the month and are down 2.0% compared to the same time last year.
Multifamily Housing | Nov 7, 2019
Multifamily construction market remains strong heading into 2020
Fewer than one in 10 AEC firms doing multifamily work reported a decrease in proposal activity in Q3 2019, according to a PSMJ report.
