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    Home » Trends » Nonresidential Construction Up 20% YoY
    Trends

    Nonresidential Construction Up 20% YoY

    BEX StaffBy BEX StaffDecember 5, 2023No Comments2 Mins Read
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    By Associated Builders and Contractors

    National nonresidential construction spending increased 0.1% in October, 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 $1.1T.

    Spending was up on a monthly basis in eight of the 16 nonresidential subcategories. Private nonresidential spending increased 0.1% in October, while public nonresidential construction spending was up 0.2%.

    “Nonresidential construction spending increased for the 17th consecutive month in October and is now up an even 20% over the past year,” said ABC Chief Economist Anirban Basu. “As has been the case, more than 45% of that year-over-year increase is due to surging construction activity in the manufacturing sector, though infrastructure-related categories like highway and street and sewage and waste disposal have also outperformed.

    “Spending in the commercial category, which includes construction of distribution and warehouse space, fell sharply in October,” said Basu. “This is likely due to a severe slowdown in the freight industry and slowing warehouse-related construction rather than a sudden decline in retail-related construction. Despite weakness in the commercial category and other headwinds like high interest rates and labor shortages, contractors remain optimistic about their sales over the next six months, according to ABC’s Construction Confidence Index.” (Source)

    ABC Anirban Basu Associated Builders and Contractors federal infrastructure spending financing costs freight Manufacturing manufacturing construction spending nonresidential construction spending private nonresidential public construction trends U.S. Census Bureau warehouse
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