National nonresidential construction spending decreased 0.1% in May, 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 $1.21 trillion. Spending declined on a monthly basis in 9 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.3%, while public nonresidential construction spending was up 0.4% in May. Visit abc.org/economics for the Construction Backlog Indicator and Construction Confidence Index, plus analysis of spending, employment, job openings and the Producer Price Index.
Gilbane Building Company Releases Q2 2024 Market Conditions Report
Gilbane Building Company released its Q2 2024 Market Conditions Report. The quarterly report provides a national macroeconomic view of the overall economy and its impacts on the U.S. construction industry, focusing on market-driven data, end-to-end supply chain constraints, equipment and material availability, costs and risk mitigation strategies. This quarter, the report added two new features: a regional overview of market conditions as reported by Gilbane’s preconstruction teams across the country and a supply chain spotlight feature, focused on the impact of disruptions to global ocean shipping routes on U.S. construction supply chains. Q2 construction market overview takeaways include: Following strong … Read more
ABC: Nonresidential Construction Spending Remains Near Record High
National nonresidential construction spending decreased 0.3% in April, according to the latest Associated Builders and Contractors’ analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.20 trillion. Spending was down on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.3%, while public nonresidential construction spending was down 0.2% in April. “Nonresidential construction spending fell for the second consecutive month in April but remains just 0.3% below the all-time high established in February,” said ABC Chief Economist Anirban Basu. “An unprecedented increase in manufacturing construction spending has pushed overall nonresidential activity 31.9% higher over the past two years. Ongoing investment in industrial facilities as well as significant infrastructure-related outlays will keep nonresidential spending elevated despite the current expectation that interest … Read more
ABC Releases February Construction Spending Data
National nonresidential construction spending declined 1 % 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 $1.179 trillion. Spending was down in a monthly basis in 15 of the 16 nonresidential subcategories. Private nonresidential spending fell 0.9%, while public nonresidential construction spending was down 1.2% in February. “Virtually every nonresidential construction segment experienced a decline in spending in February,” said ABC Chief Economist Anirban Basu. “In certain instances, the monthly decline was sharp, including healthcare (-2.2%), commercial (-1.9%) and water supply (-1.8%). … Read more
2024 Construction Workforce Shortage Tops Half Million, Says ABC
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