Construction Spending Up in September, Down on YOY Basis

WASHINGTON, D.C. – Nonresidential construction spending rose .5 percent in September, totaling $698.1 billion on a seasonally adjusted basis, according to an Associated Builders and Contractors analysis of data from the U.S. Census Bureau. However, nonresidential construction spending is down 2.9 percent on a year-over-year basis, with construction spending related to manufacturing down 20.3 percent since September 2016. August and July nonresidential spending totals were revised upwards by a collective $11 billion, however. “There is a lot of positive news about the U.S. economy right now,” said ABC Chief Economist Anirban Basu. “The nation has added nearly 1.8 million net … Read more

Filed under: Economic NewsTagged with: , ,

Construction Spending Increases Between September 2016, 2017 as Growing Private-Sector Outpaces Public-Sector Declines

Overall construction spending increased between September 2016 and September 2017 as growing private-sector residential demand continues to offset annual declines in public-sector investments in infrastructure and other projects, according to an analysis of new government data by the Associated General Contractors of America. Association officials urged members of Congress and the Trump administration to include new funding for roads, bridges, clean water and other important infrastructure as part of any new tax reform measure. “The ongoing economic expansion is a favorable sign for private residential and nonresidential construction,” said Ken Simonson, the association’s chief economist. “But lawmakers continue to underfund … Read more

Filed under: Economic NewsTagged with: ,

Nonresidential Construction Spending Stabilizes in August

WASHINGTON, D.C. – Nonresidential construction spending expanded .5 percent in August, totaling $691.8 billion on a seasonally adjusted, annualized basis, according to an analysis of data from the U.S. Census Bureau by Associated Builders and Contractors. Though this represents an improvement from July’s total ($688.2 billion), nonresidential spending remains 3.4 percent below its year-ago level and is down 3.8 percent from the cyclical peak attained in May 2017. Spending levels expanded in 10 of the 16 nonresidential construction subsectors in August on a monthly basis. The manufacturing subsector experienced the largest absolute monthly decline (-$2.6 billion) and the greatest year-over-year … Read more

Filed under: Economic NewsTagged with: , , ,

Architecture Billings Index Continues Growth Streak

WASHINGTON, D.C. – With all geographic regions and building project sectors showing positive conditions, there continues to be a heightened level of demand for design services signaled in the latest Architecture Billings Index. As a leading economic indicator of construction activity, the ABI reflects the approximate 9-12-month lead time between architecture billings and construction spending. The American Institute of Architects reported the August ABI score was 53.7, up from a score of 51.9 in the previous month. This score reflects an increase in design services provided by U.S. architecture firms (any score above 50 indicates an increase in billings). The … Read more

Filed under: Economic NewsTagged with: , ,