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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.
Private nonresidential spending fell 0.5% for the month and is only up 0.1% on a year-over-year basis.
Expectations for sales during the coming six-month period remained especially upbeat in January.
AIA’s Architecture Billings Index (ABI) score for February was 50.3, down from 55.3 in January.
The Construction Backlog Indicator contracted to 8.1 months during January 2019.
At a seasonally adjusted annualized rate, nonresidential spending totaled $762.5 billion for the month.
Of the 11 construction subcategories, seven experienced price declines for the month.
There are a record-high 6,352 hotel projects and 1.17 million rooms currently under construction worldwide.
Year-over-year GDP growth was 3.1%, while average growth for 2018 was 2.9%.
“The government shutdown affected architecture firms, but doesn’t appear to have created a slowdown in the profession,” said AIA Chief Economist Kermit Baker, Hon. AIA, PhD, in the latest ABI report.
CBI reached a record high of 9.9 months in the second quarter of 2018 and averaged about 9.1 months throughout all four quarters of last year.
