By Associated Builders and Contractors
National nonresidential construction spending declined 1.3 percent in February, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $789.5B for the month.
On a monthly basis, spending was down in 13 of 16 nonresidential subcategories. Private nonresidential spending was down 1.0 percent, while public nonresidential construction spending fell 1.8 percent in February. Nonresidential construction spending has declined by 6.1 percent from the same time last year.
“We remain in the midst of the COVID-19 pandemic, which has shattered commercial real estate fundamentals,” said ABC Chief Economist Anirban Basu. “This too shall pass, but there continues to be downward pressure on nonresidential construction activity, and that was apparent in February, when weakness in spending was apparent in private and public segments alike.” (Source)