Photo 26183892 © Grigor Atanasov | Dreamstime.com
Photo 26183892 © Grigor Atanasov | Dreamstime

Nonresidential Construction Spending Rebounds

May 13, 2024
Spending rebounds in March, rising in 10 of 16 categories.

National nonresidential construction spending increased 0.2% in March, 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 $1.19 trillion.

Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.2%, while public nonresidential construction spending was up 0.8% in March.

“Nonresidential construction spending rebounded in March, ending a streak of two straight monthly declines,” said ABC Chief Economist Anirban Basu. “The increase was entirely due to increased public construction spending; private sector nonresidential spending dipped slightly lower in March. Despite wavering over the first three months of 2024, nonresidential spending is now up approximately 35% from the start of the pandemic and has outpaced economywide inflation (+20%) over that span. Ongoing spending strength, driven by both the public sector and the ascendant manufacturing category, continues to support healthy backlog for contractors, according to ABC’s Construction Backlog Indicator.”

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