ABC: Healthcare Construction Spending Slips 2.4% in April

Healthcare construction spending decreased 2.4% in April, according to the latest Associated Builders and Contractors’ analysis of data published by the U.S. Census Bureau.

“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.”

For more information, visit abc.org/economics.