ABC: US nonresidential construction spending slips 0.3% in April but remains near record high

June 6, 2024
By Guy Woodford
Chicago downtown construction works. Pic: Maisna

US nonresidential construction spending decreased 0.3% in April, according to new Associated Builders and Contractors (ABC) analysis of data from the US Census Bureau. On a seasonally adjusted annualised basis, nonresidential spending totalled $1.20 trillion.


Spending was down on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.3%, while public nonresidential construction spending was down 0.2% in April.

US Nonresidential Spending Growth in numbers. Pic: ABC


“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.”

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