Storms Suppress Nonresidential Construction Spending in October, Says ABC

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National nonresidential construction spending decreased 0.4% in October, 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 $1.228 trillion. Spending was down on a monthly basis in 11 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.3%, while public nonresidential construction spending was down 0.5% in October. “Total construction spending rose sharply in October, but that was entirely due to a sharp increase in residential activity,” said ABC Chief Economist Anirban Basu. “Nonresidential construction spending contracted for the month, and the declines … Read more

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Nonresidential Construction Spending Inches Up in August, Says ABC

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National nonresidential construction spending increased 0.1% in August, 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 $1.22 trillion. Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.1%, while public nonresidential construction spending was up 0.3% in August. “Nonresidential construction spending inched higher in August, and that’s almost entirely due to ongoing infrastructure investments,” said ABC Chief Economist Anirban Basu. “Public spending accounted for all of the nonresidential segment’s monthly increase and has risen … Read more

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2024 Construction Workforce Shortage Tops Half Million, Says ABC

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The construction industry will need to attract an estimated 501,000 additional workers on top of the normal pace of hiring in 2024 to meet the demand for labor, according to a proprietary model developed by Associated Builders and Contractors. In 2025, the industry will need to bring in nearly 454,000 new workers on top of normal hiring to meet industry demand, and that’s presuming that construction spending growth slows significantly next year. “ABC estimates that the U.S. construction industry needs to attract about a half-million new workers in 2024 to balance supply and demand,” said Michael Bellaman, ABC president and … Read more

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Nonresidential Construction Spending Contracts 0.6% in September, Says ABC

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National nonresidential construction spending contracted 0.6% in September, according to an Associated Builders and Contractors analysis of data published recently by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $791.2 billion for the month. Spending was down in 11 of the 16 nonresidential subcategories, with spending in amusement and recreation unchanged for the month. Both private and public nonresidential spending declined 0.6% in September. “It is not surprising that nonresidential construction spending declined in September,” said ABC Chief Economist Anirban Basu. “Nonresidential construction spending has generally been trending lower for several months and the factors … Read more

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Nonresidential Construction Spending in April Declines for 5th Straight Month, Reports AGC

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Nonresidential construction spending in April declined for the fifth-straight month to a two-year low as demand waned for numerous public and private project categories in the face of lengthening production and delivery times for materials, along with fast-rising prices for many items, according to an analysis of new federal construction spending data by the Associated General Contractors of America. Officials with the association urged the President and Congress to boost infrastructure investments, remove tariffs on key materials and take steps to address production and deliver backups for key construction supplies. “Both public and private nonresidential spending overall continued to shrink … Read more

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