flexiblefullpage -
billboard - default
interstitial1 - interstitial
catfish1 - bottom
Currently Reading

New download: BD+C's April 2024 Market Intelligence Report

Construction Costs

New download: BD+C's April 2024 Market Intelligence Report

This new monthly report (free PDF - no registration required) offers a snapshot of the health of the U.S. building construction industry.


By BD+C Staff | April 18, 2024
New download: BD+C's April 2024 Market Intelligence Report
Screenshot: BD+C

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.

Data for the Market Intelligence Report is gleaned from reputable economic sources, including the American Institute of Architects, Associated Builders and Contractors, and the U.S. Census Bureau.

Here are some of the highlights from the April 2024 report: 

  • U.S. construction spending for commercial, institutional, industrial, and multifamily buildings was down 1.0% in February 2024 vs. the previous month, but 13.5% higher than February 2023.
  • Public safety, manufacturing, religious, educational, amusement/recreation, and healthcare all saw double-digit year-over-year growth in construction spending.    
  • The Architectural Billings Index had its best showing since July 2023. While still below 50 (at 49.5), the ABI climbed more than three points in February. The index scores for design contracts and inquiries also jumped in February. Both were above 50, which indicates that, among the firms surveyed by AIA, more firms than not saw increases in design contracts and inquiries for design work.
  • Commentary on the latest ABI report from Kermit Baker, PhD, AIA Chief Economist: “There are indicators this month that business conditions at firms may finally begin to pick up in the coming months. Inquiries into new projects grew at their fastest pace since November, and the value of newly signed design contracts increased at their fastest pace since last summer. Given the moderation of inflation for construction costs and prospects for lower interest rates in the coming months, there are positive signs for future growth.”
  • Construction backlogs expand: The average U.S. contractor had 8.5 months worth of building construction work in the pipeline as of March 2024, up 0.4 months from February 2024, but down 0.8 months from the same time last year.
  • Construction material prices rose 0.4% in March 2024 vs. the previous month, and were 1.7% higher than a year ago. This marks the third straight month of rising prices, after a streak of three consecutive monthly declines.
  • Commentary on the latest construction materials price report from Anirban Basu, ABC Chief Economist: “There has been growing evidence of resurfacing inflationary pressures in the nation’s nonresidential construction segment during the past two months. Were it not for declines in energy prices, the headline figure for construction input price dynamics would have been meaningfully higher. A new set of supply chain issues is emerging, including the cost of insuring ships and bottlenecks in the Red Sea, the Panama Canal and Baltimore."
     

Related Stories

Construction Costs | May 16, 2024

New download: BD+C's May 2024 Market Intelligence Report

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.

Healthcare Facilities | May 6, 2024

Hospital construction costs for 2024

Data from Gordian breaks down the average cost per square foot for a three-story hospital across 10 U.S. cities.

Construction Costs | Apr 16, 2024

How the new prevailing wage calculation will impact construction labor costs

Looking ahead to 2024 and beyond, two pivotal changes in federal construction labor dynamics are likely to exacerbate increasing construction labor costs, according to Gordian's Samuel Giffin.

Construction Costs | Apr 11, 2024

Construction materials prices increase 0.4% in March 2024

Construction input prices increased 0.4% in March compared to the previous month, according to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data released today. Nonresidential construction input prices also increased 0.4% for the month.

Construction Costs | Mar 15, 2024

Retail center construction costs for 2024

Data from Gordian shows the most recent costs per square foot for restaurants, social clubs, one-story department stores, retail stores and movie theaters in select cities.

Market Data | Mar 14, 2024

Download BD+C's March 2024 Market Intelligence Report

U.S. construction spending on buildings-related work rose 1.4% in January, but project teams continue to face headwinds related to inflation, interest rates, and supply chain issues, according to Building Design+Construction's March 2024 Market Intelligence Report (free PDF download). 

Construction Costs | Feb 27, 2024

Experts see construction material prices stabilizing in 2024

Gordian’s Q1 2024 Quarterly Construction Cost Insights Report brings good news: Although there are some materials whose prices have continued to show volatility, costs at a macro level are returning to a level of stability, suggesting predictable historical price escalation factors. 

Construction Costs | Feb 22, 2024

K-12 school construction costs for 2024

Data from Gordian breaks down the average cost per square foot for four different types of K-12 school buildings (elementary schools, junior high schools, high schools, and vocational schools) across 10 U.S. cities.

Market Data | Feb 7, 2024

New download: BD+C's February 2024 Market Intelligence Report

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.

Construction Costs | Jan 22, 2024

Construction material prices continue to normalize despite ongoing challenges

Gordian’s most recent Quarterly Construction Cost Insights Report for Q4 2023 describes an industry still attempting to recover from the impact of COVID. This was complicated by inflation, weather, and geopolitical factors that resulted in widespread pricing adjustments throughout the construction materials industries.

boombox1 - default
boombox2 -
native1 -

More In Category

Construction Costs

New download: BD+C's May 2024 Market Intelligence Report

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.




Construction Costs

Construction materials prices increase 0.4% in March 2024

Construction input prices increased 0.4% in March compared to the previous month, according to an Associated Builders and Contractors analysis of the U.S. Bureau of Labor Statistics’ Producer Price Index data released today. Nonresidential construction input prices also increased 0.4% for the month.

halfpage1 -

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021