flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Nonresidential construction spending decreased 0.2% in June

Contractors

Nonresidential construction spending decreased 0.2% in June

On a seasonally adjusted annualized basis, nonresidential spending totaled $1.21 trillion.


By Associated Builders and Contractors | August 1, 2024
Image by Ralph from Pixabay

Image by Ralph from Pixabay

National nonresidential construction spending declined 0.2% in June, 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 $1.21 trillion. Nonresidential construction has expanded 5.3% from a year ago.

Spending was down on a monthly basis in 7 of 16 nonresidential subcategories. Private nonresidential spending fell 0.1%, while public nonresidential construction spending was down 0.4% in June.

“A new trend in nonresidential construction is emerging, and it’s not a good thing,” said ABC Chief Economist Anirban Basu. “Despite a bevy of megaprojects in certain parts of the nation, overall nonresidential construction spending appears to have entered a period of stagnation. The flattening of momentum has been apparent for the better part of a year, but the impact of higher interest rates, tighter credit conditions and a softening economy is increasingly apparent in the most recent data, which indicate that aggregate nonresidential construction spending is in decline.

“Despite a recent loss in spending growth momentum, many contractors remain upbeat, according to ABC’s Construction Confidence Index, anticipating growth in revenues and payrolls over the next six months,” said Basu. “But with interest rates staying higher for longer, it appears that many projects are being put on hold, limiting construction starts, suppressing backlog and perhaps eventually eroding current contractor confidence.”

Nonresidential construction spending decreased 0.2% in June

Related Stories

| Aug 11, 2010

Webcor, Hunt Construction lead the way in mixed-use construction, according to BD+C's Giants 300 report

A ranking of the Top 30 Mixed-Use Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants

| Aug 11, 2010

Clark Group, Hensel Phelps among nation's largest federal government contractors, according to BD+C's Giants 300 report

A ranking of the Top 40 Federal Government Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants

| Aug 11, 2010

Report: Fraud levels fall for construction industry, but companies still losing $6.4 million on average

The global construction, engineering and infrastructure industry saw a significant decline in fraud activity with companies losing an average of $6.4 million over the last three years, according to the latest edition of the Kroll Annual Global Fraud Report, released today at the Association of Corporate Counsel’s 2009 Annual Meeting in Boston. This new figure represents less than half of last year’s amount of $14.2 million.

| Aug 11, 2010

Peter Marchetto joins Tishman as president of Construction Operations

Tishman Construction Corporation Chairman, Daniel R. Tishman, today announced that Peter Marchetto joined the company as President of Construction Operations.

| Aug 11, 2010

Whiting-Turner, EMJ Corp. top BD+C's ranking of the nation's 40 largest retail contractors

A ranking of the Top 40 Retail Contractors based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants

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