National nonresidential construction spending increased 0.2% in March, 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 $1.19 trillion.
Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.2%, while public nonresidential construction spending was up 0.8% in March.
“Nonresidential construction spending rebounded in March, ending a streak of two straight monthly declines,” said ABC Chief Economist Anirban Basu. “The increase was entirely due to increased public construction spending; private sector nonresidential spending dipped slightly lower in March. Despite wavering over the first three months of 2024, nonresidential spending is now up approximately 35% from the start of the pandemic and has outpaced economywide inflation (+20%) over that span. Ongoing spending strength, driven by both the public sector and the ascendant manufacturing category, continues to support healthy backlog for contractors, according to ABC’s Construction Backlog Indicator.”
Related Stories
| Jul 18, 2014
Top Construction Management Firms [2014 Giants 300 Report]
Jacobs, Barton Malow, Hill International top Building Design+Construction's 2014 ranking of the largest construction management and project management firms in the United States.
| Jul 18, 2014
Top Contractors [2014 Giants 300 Report]
Turner, Whiting-Turner, Skanska top Building Design+Construction's 2014 ranking of the largest contractors in the United States.
| Jul 18, 2014
Engineering firms look to bolster growth through new services, technology [2014 Giants 300 Report]
Following solid revenue growth in 2013, the majority of U.S.-based engineering and engineering/architecture firms expect more of the same this year, according to BD+C’s 2014 Giants 300 report.
| Jul 18, 2014
2014 Giants 300 Report
Building Design+Construction magazine's annual ranking the nation's largest architecture, engineering, and construction firms in the U.S.
| 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.
| Jul 17, 2014
A harmful trade-off many U.S. green buildings make
The Urban Green Council addresses a concern that many "green" buildings in the U.S. have: poor insulation.
| Jul 17, 2014
A high-rise with outdoor, vertical community space? It's possible! [slideshow]
Danish design firm C.F. Møller has developed a novel way to increase community space without compromising privacy or indoor space.
Sponsored | | Jul 17, 2014
A major hop forward
The construction of efficient metal buildings has helped Perrault Farms expand its hops-harvesting business.
| Jul 17, 2014
22 land questions to decide if your build site works
When you’re ready to build, land needs a serious amount of attention. Since it can singlehandedly shift your building plans, land must be investigated, questioned, and eyed from every angle. SPONSORED CONTENT
| Jul 16, 2014
Nonresidential construction starts up 34% in June
Construction starts for nonresidential work saw a surge in June, rising more than a third compared with the previous month, according to Reed Construction Data.
