National nonresidential construction spending was up by 0.5% in September, 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 $883.9 billion for the month.
Spending was down on a monthly basis in 11 of the 16 nonresidential subcategories. Private nonresidential spending was up 1.0%, while public nonresidential construction spending was down 0.3% in September.
“The disconnect between contractor confidence, which remains elevated according to ABC’s Construction Confidence Index, and nonresidential construction spending continues,” said ABC Chief Economist Anirban Basu. “While nonresidential construction spending is below February 2020 levels, many contractors report operating at capacity. This has much to do with worker and equipment shortages.
“Many projects under construction in America began prior to the rapid increase in borrowing costs that started earlier this year,” said Basu. “With interest rates on the rise and the economy expected to slow, nonresidential spending will likely decline further, at least in segments vulnerable to economic downturns. Contractors that focus on public construction work stand to be in far better shape given recent federal legislation and excess pandemic relief funds waiting to be spent by many state and local governments.”
Related Stories
| Sep 11, 2014
Cintas invites public to vote for 'America's best restroom'
For the 13th consecutive year, Cintas Corporation is back with its popular America’s Best Restroom Contest. A team of survey editors once again scanned the country for the most creative and clean public restrooms and produced a crop of nominees sure to please.
| Aug 27, 2014
Frank Lloyd Wright’s Taliesin school of architecture faces accreditation loss
The Frank Lloyd School of Architecture may be stripped of its ability to confer Master of Architects students based on a revised by-law of the Higher Learning Commission.
| Aug 12, 2014
Design firms invited to submit qualifications for St. Petersburg, Fla., waterfront project
The city of St. Petersburg, Fla., invites firms to submit their ideas for a new and improved pier for Florida's fifth largest city.
| Aug 6, 2014
The Dead Prize: A new award to recognize poorly designed buildings
If the film industry has its Razzie awards, architecture will have its Dead Prize, created by Architecture for Humanity co-founder Cameron Sinclair to recognize projects that actively harm the planet.
| Aug 5, 2014
Shigeru Ban-designed Aspen Art Museum will open doors to public this week
After 18 month of planning and construction, the museum will open its new Shigeru Ban-designed facility to the public on August 9.
| Jul 30, 2014
German students design rooftop solar panels that double as housing
Students at the Frankfurt University of Applied Sciences designed a solar panel that can double as living space for the Solar Decathlon Europe.
| Jul 29, 2014
Studio Gang Architects, MAD to design George Lucas' museum in Chicago
Star Wars director George Lucas selected Chicago-based Studio Gang Architects and Beijing firm MAD to design his proposed art museum on Chicago’s lakefront.
| Jul 29, 2014
AECOM's buying spree continues: Deal to acquire Hunt Construction Group in the works
The acquisition comes just two weeks after AECOM's $6 billion deal to acquire rival engineering and construction company URS Corp.
| Jul 23, 2014
Meet Acquario Ceará: The giant crustacean-shaped aquarium that's causing concerns
A new aquarium on Brazil's northeastern coast is designed, engineered, constructed and financed by U.S. firms and institutions.
| Jul 17, 2014
A new, vibrant waterfront for the capital
Plans to improve Washington D.C.'s Potomac River waterfront by Maine Ave. have been discussed for years. Finally, The Wharf has started its first phase of construction.
