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
| Aug 30, 2012
John S Clark Co. completes teaching lab at UNC Wilmington
Three-story building provides offices, classrooms, and labs.
| Aug 29, 2012
BOND completes South Cove Community Health Center
$11 million, 21,000 square foot community health center opens in Quincy, Mass.
| Aug 28, 2012
McCarthy begins construction on transportation center at Bob Hope Airport
Designed to meet LEED silver certification standards, the facility will feature unique, above ground base isolators that will resist a maximum credible earthquake.
| Aug 21, 2012
Under 40 Leadership Summit slated for October 3-5 in Chicago
Attendees will be given an exclusive technical tour of Wrigley Field, led by Steven J. Jacobsen, CDP, who has been retained by the Chicago Cubs to create the business plan and high-level concepts to evaluate the feasibility of various renovation options for this iconic sports venue; and Carl Rice, Cubs’ Vice President, Baseball Operations.
| Aug 21, 2012
Stellar wins four ABC Excellence In Construction awards
ABC's Excellence In Construction program is the industry’s leading award competition, recognizing outstanding construction projects in a variety of categories.
| Aug 20, 2012
Protecting the artifacts at George H.W. Bush Presidential Library and Museum
Roof leaks threatened to damage artifacts and disturb a delicately controlled indoor environment at the George H.W. Bush Presidential Library and Museum.
| Aug 17, 2012
Ferguson joins JE Dunn Construction
Feruson's business development efforts at JE Dunn will focus on the new initiative of pursuing large corporate re-stacks and high-end interior build-outs.
| Aug 15, 2012
Skanska to build the Beacon High School in New York City
The Beacon High School will be located in the Hell’s Kitchen neighborhood of Manhattan.
| Aug 14, 2012
Leo A Daly welcomes Carl Gentilcore
Gentilcore will be responsible for identifying, developing and managing client relations with key federal government agencies.
| Aug 14, 2012
SOM Foundation announces prize recipients for 2012
Submissions for the SOM Prize were received from students at 34 schools in the U.S.