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
| Jan 12, 2012
Stellar earns construction industry's most prestigious safety award
Now widely accepted as the construction industry's standard measure of safety performance, the STEP awards were established in 1989 to evaluate and improve safety practices and recognize outstanding safety efforts.
| Jan 12, 2012
Building independence: New take on female power
Memoir explores historic engineering project, women's empowerment era.
| Jan 12, 2012
3M takes part in Better Buildings Challenge
As a partner in the challenge, 3M has committed to reduce energy use by 25% in 78 of its plants, encompassing nearly 38 million-sf of building space.
| Jan 11, 2012
DOE announces guide for 50% more energy efficient retail buildings
The 50% AEDG series provides a practical approach for designers and builders of retail stores, and other major commercial building types, to achieve 50% energy savings compared to the building energy code used in many parts of the nation.
| Jan 11, 2012
Mortenson starts construction of Rim Rock Wind Project
Renewable energy contractor to build 189-megawatt wind project in Sunburst, Mont.
| Jan 9, 2012
Shawmut appoints Les Hiscoe COO and EVP
In his new role, Hiscoe will focus on developing the Company’s field services divisions; national business in retail, hospitality, gaming, and sports venues; Tri-State business in academic and healthcare; sales and marketing; and human resources
| Jan 9, 2012
Thornton Tomasetti acquires green consulting firm Fore Solutions
International engineering firm launches new building sustainability practice.
| Jan 9, 2012
METALCON International 2012 announced
METALCON 2012 is scheduled for Oct. 9-11 at the Donald E Stephens Convention Center, Hall A, Rosemont, Ill.
| Jan 9, 2012
Lutron appoints Pessina president
In his 35-year career with Lutron, Pessina has acquired broad experience in the engineering, quality assurance and manufacturing areas.
| Jan 9, 2012
A new journey for KSS Architects co-founder
Kehrt's legacy of projects include Rutgers University's Biomedical Engineering Building, the renovation and expansion of Cornell University School of Hotel Administration, the recent new campus center at The Richard Stockton College of New Jersey and Princeton Township's Municipal Complex.