flexiblefullpage -
billboard - default
interstitial1 - interstitial
Currently Reading

Nonresidential construction spending down 0.4% in August, says ABC

Contractors

Nonresidential construction spending down 0.4% in August, says ABC

National nonresidential construction spending was down 0.4% in August, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau.


By ABC | October 7, 2022
August Construction Spending
Courtesy Pexels.

National nonresidential construction spending was down 0.4% in August, 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 $859.3 billion for the month.

Spending was down on a monthly basis in 10 of 16 nonresidential subcategories. Private nonresidential spending was down 0.1%, while public nonresidential construction spending was down 0.8% in August.

“The disparity between high contractor confidence and worrisome macroeconomic outcomes persists,” said ABC National Chief Economist Anirban Basu. “According to ABC’s Construction Confidence Index and Backlog Indicator, many contractors remain in expansion mode and expect to experience rising sales and profit margins going forward. Many also expect their employment levels to be higher in six months.

“But the nonresidential construction data indicate that consistent spending growth remains elusive,” said Basu. “Given the rising costs of project financing and delivering construction services, that is not surprising. Arguably, it is contractor confidence that is counterintuitive.

“Reconciling strong microeconomic perspective with weak macroeconomic outcomes involves looking at segment-specific data,” said Basu. “While some segments like office and lodging continue to struggle in the context of behavioral shifts wrought by the pandemic, other segments are showing significant momentum. This is especially apparent in certain public construction segments like water/sewer, highway/street and flood control.”

Nonres spending growth August
Courtesy ABC/US Census Bureau.
Nonres construction spending August
Courtesy ABC/US Census Bureau.

 

Related Stories

University Buildings | Jan 27, 2023

Ozarks Technical Community College's advanced manufacturing center is first-of-a-kind in region

The new Robert W. Plaster Center for Advanced Manufacturing at Ozarks Technical Community College in Springfield, Mo., is a first-of-a-kind educational asset in the region. The 125,000-sf facility will educate and train a new generation in high tech, clean manufacturing and fabrication.

Mass Timber | Jan 27, 2023

How to set up your next mass timber construction project for success

XL Construction co-founder Dave Beck shares important preconstruction steps for designing and building mass timber buildings.

Sports and Recreational Facilities | Jan 26, 2023

Miami’s motorsport ‘country club’ to build sleek events center

Designed by renowned Italian design firm Pininfarina and with Revuelta as architect, The Event Campus at The Concours Club will be the first and only motorsport-based event campus located within minutes of a major metro area.

K-12 Schools | Jan 25, 2023

As gun incidents grow, schools have beefed up security significantly in recent years

Recently released federal data shows that U.S. schools have significantly raised security measures in recent years. About two-thirds of public schools now control access to school grounds—not just the building—up from about half in the 2017-18 school year. 

AEC Tech Innovation | Jan 24, 2023

ConTech investment weathered last year’s shaky economy

Investment in construction technology (ConTech) hit $5.38 billion last year (less than a 1% falloff compared to 2021) from 228 deals, according to CEMEX Ventures’ estimates. The firm announced its top 50 construction technology startups of 2023.

Sports and Recreational Facilities | Jan 24, 2023

Nashville boasts the largest soccer-specific stadium in the U.S. and Canada 

At 30,105 seats and 530,000 sf, GEODIS Park, which opened in 2022, is the largest soccer-specific stadium in the U.S. and Canada. Created by design firms Populous and HASTINGS in collaboration with the Metro Nashville Sports Authority, GEODIS Park serves as the home of the Nashville Soccer Club as well as a venue for performances and events.

Concrete | Jan 24, 2023

Researchers investigate ancient Roman concrete to make durable, lower carbon mortar

Researchers have turned to an ancient Roman concrete recipe to develop more durable concrete that lasts for centuries and can potentially reduce the carbon impact of the built environment.

Architects | Jan 23, 2023

PSMJ report: The fed’s wrecking ball is hitting the private construction sector

Inflation may be starting to show some signs of cooling, but the Fed isn’t backing down anytime soon and the impact is becoming more noticeable in the architecture, engineering, and construction (A/E/C) space. The overall A/E/C outlook continues a downward trend and this is driven largely by the freefall happening in key private-sector markets.

Multifamily Housing | Jan 23, 2023

Long Beach, Calif., office tower converted to market rate multifamily housing

A project to convert an underperforming mid-century office tower in Long Beach, Calif., created badly needed market rate housing with a significantly lowered carbon footprint. The adaptive reuse project, composed of 203,177 sf including parking, created 106 apartment units out of a Class B office building that had been vacant for about 10 years.

Hotel Facilities | Jan 23, 2023

U.S. hotel construction pipeline up 14% to close out 2022

At the end of 2022’s fourth quarter, the U.S. construction pipeline was up 14% by projects and 12% by rooms year-over-year, according to Lodging Econometrics.

boombox1 - default
boombox2 -
native1 -

More In Category




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

 



Magazine Subscription
Subscribe

Get our Newsletters

Each day, our editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Subscribe

Follow BD+C: