Contractors Hot Line is part of the Catalyst Communications Network publication family.
Contractors Hot Line is part of the Catalyst Communications Network publication family.
National nonresidential construction spending decreased by 0.3% in April, according to an analysis by Associated Builders and Contractors (ABC) of data released by the U.S. Census Bureau. On a seasonally adjusted annual basis, nonresidential spending totaled $1.20 trillion.
Spending fell on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending declined by 0.3%, while public nonresidential construction spending decreased by 0.2% in April.
“Nonresidential construction spending fell for the second consecutive month in April but remains just 0.3% below the all-time high established in February,” said ABC Chief Economist Anirban Basu. “An unprecedented increase in manufacturing construction spending has pushed overall nonresidential activity 31.9% higher over the past two years. Ongoing investment in industrial facilities as well as significant infrastructure-related outlays will keep nonresidential spending elevated despite the current expectation that interest rates will stay higher for longer. This outlook is reflected in ABC’s Construction Confidence Index, which shows that a majority of contractors expect their sales to increase over the next two quarters.”