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

Market Data | Oct 24, 2016

New construction starts in 2017 to increase 5% to $713 billion

Dodge Outlook Report predicts moderate growth for most project types – single family housing, commercial and institutional building, and public works, while multifamily housing levels off and electric utilities/gas plants decline.

High-rise Construction | Oct 21, 2016

The world’s 100 tallest buildings: Which architects have designed the most?

Two firms stand well above the others when it comes to the number of tall buildings they have designed.

Market Data | Oct 19, 2016

Architecture Billings Index slips consecutive months for first time since 2012

“This recent backslide should act as a warning signal,” said AIA Chief Economist, Kermit Baker.

Market Data | Oct 11, 2016

Building design revenue topped $28 billion in 2015

Growing profitability at architecture firms has led to reinvestment and expansion

Market Data | Oct 4, 2016

Nonresidential spending slips in August

Public sector spending is declining faster than the private sector.

Industry Research | Oct 3, 2016

Structure Tone survey shows cost is still a major barrier to building green

Climate change, resilience and wellness are also growing concerns.

Industry Research | Sep 27, 2016

Sterling Risk Sentiment Index indicates risk exposure perception remains stable in construction industry

Nearly half (45%) of those polled say election year uncertainty has a negative effect on risk perception in the construction market.

Market Data | Sep 22, 2016

Architecture Billings Index slips, overall outlook remains positive

Business conditions are slumping in the Northeast.

Market Data | Sep 20, 2016

Backlog skyrockets for largest firms during second quarter, but falls to 8.5 months overall

While a handful of commercial construction segments continue to be associated with expanding volumes, for the most part, the average contractor is no longer getting busier, says ABC Chief Economist Anirban Basu.

Designers | Sep 13, 2016

5 trends propelling a new era of food halls

Food halls have not only become an economical solution for restauranteurs and chefs experiencing skyrocketing retail prices and rents in large cities, but they also tap into our increased interest in gourmet locally sourced food, writes Gensler's Toshi Kasai.

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