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 | Aug 19, 2019
Multifamily market sustains positive cycle
Year-over-year growth tops 3% for 13th month. Will the economy stifle momentum?
Market Data | Aug 16, 2019
Students say unclean restrooms impact their perception of the school
The findings are part of Bradley Corporation’s Healthy Hand Washing Survey.
Market Data | Aug 12, 2019
Mid-year economic outlook for nonresidential construction: Expansion continues, but vulnerabilities pile up
Emerging weakness in business investment has been hinting at softening outlays.
Market Data | Aug 7, 2019
National office vacancy holds steady at 9.7% in slowing but disciplined market
Average asking rental rate posts 4.2% annual growth.
Market Data | Aug 1, 2019
Nonresidential construction spending slows in June, remains elevated
Among the 16 nonresidential construction spending categories tracked by the Census Bureau, seven experienced increases in monthly spending.
Market Data | Jul 31, 2019
For the second quarter of 2019, the U.S. hotel construction pipeline continued its year-over-year growth spurt
The growth spurt continued even as business investment declined for the first time since 2016.
Market Data | Jul 23, 2019
Despite signals of impending declines, continued growth in nonresidential construction is expected through 2020
AIA’s latest Consensus Construction Forecast predicts growth.
Market Data | Jul 20, 2019
Construction costs continued to rise in second quarter
Labor availability is a big factor in that inflation, according to Rider Levett Bucknall report.
Market Data | Jul 18, 2019
Construction contractors remain confident as summer begins
Contractors were slightly less upbeat regarding profit margins and staffing levels compared to April.
Market Data | Jul 17, 2019
Design services demand stalled in June
Project inquiry gains hit a 10-year low.
