ABC Releases February Construction Spending Data
National nonresidential construction spending declined 1 % in February, according to an Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.179 trillion.
Spending was down in a monthly basis in 15 of the 16 nonresidential subcategories. Private nonresidential spending fell 0.9%, while public nonresidential construction spending was down 1.2% in February.
“Virtually every nonresidential construction segment experienced a decline in spending in February,” said ABC Chief Economist Anirban Basu. “In certain instances, the monthly decline was sharp, including healthcare (-2.2%), commercial (-1.9%) and water supply (-1.8%). The optimist will likely shrug off both the January and February nonresidential construction spending declines as merely reflecting winter weather. The pessimist will proclaim this release a wake-up call to contractors and an indication that higher interest rates have finally begun to make their mark.
For more information, visit abc.org/economics.
Posted April 3, 2024
More Articles:
- 2024 Annual Clinical & Scientific Meeting
May 17, 2024 – May 19, 2024 - CleanMed 2024
May 21, 2024 – May 23, 2024 - Hospital, Outpatient Facilities & Medical Office Buildings Summit
May 22, 2024 – May 22, 2024 - HealthSpaces
Jun 2, 2024 – Jun 4, 2024 - AIA Conference on Architecture 2024
Jun 5, 2024 – Jun 8, 2024 - Hospital, Outpatient Facilities & Medical Office Buildings Summit
Jun 6, 2024 – Jun 6, 2024 - NeoCon
Jun 10, 2024 – Jun 12, 2024