HORIZONTV FEATURING BD+C: WATCH EPISODES ON DEMAND AT HORIZONTV
National nonresidential construction spending increased 0.2% in March, 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 $1.19 trillion.
Managers of companies in the industrial sector, including construction, have bought the hype of artificial intelligence (AI) as a transformative technology, but their organizations are not ready to realize its promise, according to research from IFS, a global cloud enterprise software company. An IFS survey of 1,700 senior decision-makers found that 84% of executives anticipate massive organizational benefits from AI.
As seen in the Q1 2024 U.S. Hotel Construction Pipeline Trend Report from Lodging Econometrics (LE), at the end of the first quarter, there are 6,065 projects with 702,990 rooms in the pipeline. This new all-time high represents a 9% year-over-year (YOY) increase in projects and a 7% YOY increase in rooms compared to last year.
Building Design+Construction's monthly Market Intelligence Report offers a snapshot of the health of the U.S. building construction industry, including the commercial, multifamily, institutional, and industrial building sectors. This report tracks the latest metrics related to construction spending, demand for design services, contractor backlogs, and material price trends.
Soaring costs, supply-chain challenges, and workforce shortages undermine industry's recovery.
Weak demand, supply-chain woes make further declines likely.
Spending was down on a monthly basis in 11 of the 16 nonresidential subcategories.
New York City has the greatest number of projects under construction with 110 projects/19,457 rooms.
Although hotel development may still be tepid in Q1, continued government support and the extension of programs has aided many businesses to get back on their feet as more and more are working to re-staff and re-open.
The decline occurs despite homebuilding boom and improving economy.
Consigli’s latest market outlook identifies building products that are high risk for future price increases.
AIA’s ABI score for March rose to 55.6 compared to 53.3 in February.
Nonresidential projects lag despite hot homebuilding market.
The Construction Backlog Indicator fell to 7.8 months in March.
