Nonresidential construction spending totaled $699.7 billion on a seasonally adjusted, annualized basis in October, a 0.3 percent decrease from September’s significantly upwardly revised total, but an increase of 2.6 percent year-over-year according to analysis of U.S. Census Bureau data released today by Associated Builders and Contractors (ABC).
September’s nonresidential spending estimate was revised from $690.5 billion to $701.7 billion, a 1.6 percent increase. August’s estimate received a similar revision, increasing from $696.6 billion to $703.6 billion. Nonresidential spending is now 2.6 percent higher than at the same time one year ago.
“Nonresidential construction spending is up by nearly 3 percent on a year-over-year basis. Certain segments are red hot, including the office and lodging segments, both of which have experienced more than 20 percent spending growth over the past 12 months,” says ABC Chief Economist Anirban Basu in a press release. “Both major presidential candidates had discussed investing in infrastructure during their campaign. However, there was a conventional wisdom suggesting that divided government would be the most likely outcome, which would likely have translated into more stalemates and less infrastructure spending. With one party now controlling the U.S. Senate, U.S. House of Representatives and the White House, a meaningful infrastructure package may be more likely.”
You can find a chart and a graph illustrating the most recent nonresidential construction spending below.
Related Stories
Market Data | Jun 1, 2020
7 must reads for the AEC industry today: June 1, 2020
Energy storage as an amenity and an entry-point for wellness screening everywhere.
Market Data | May 29, 2020
House-passed bill making needed improvements to paycheck protection program will allow construction firms to save more jobs
Construction official urges senate and White House to quickly pass and sign into law the Paycheck Protection Program Flexibility Act.
Market Data | May 29, 2020
7 must reads for the AEC industry today: May 29, 2020
Using lighting IoT data to inform a safer office reentry strategy and Ghafari joins forces with Eview 360.
Market Data | May 27, 2020
5 must reads for the AEC industry today: May 28, 2020
Biophilic design on the High Line and the office market could be a COVID-19 casualty.
Market Data | May 27, 2020
6 must reads for the AEC industry today: May 27, 2020
AIA's COTE Top Ten Awards and OSHA now requires employers to track COVID-19 cases.
Market Data | May 26, 2020
6 must reads for the AEC industry today: May 26, 2020
Apple's new Austin hotel and is CLT really a green solution?
Market Data | May 21, 2020
7 must reads for the AEC industry today: May 21, 2020
'Creepy' tech invades post-pandemic offices, and meet the new darling of commercial real estate.
Market Data | May 20, 2020
6 must reads for the AEC industry today: May 20, 2020
A wave 'inside' a South Korean building and architecture billings continues historic contraction.
Market Data | May 20, 2020
Architecture billings continue historic contraction
AIA’s Architecture Billings Index (ABI) score of 29.5 for April reflects a decrease in design services provided by U.S. architecture firms.
Market Data | May 19, 2020
5 must reads for the AEC industry today: May 19, 2020
Clemson's new mass timber building and empty hotels as an answer for the affordable housing shortage.