Monthly spending was down in 15 of 16 nonresidential categories, but on an annual basis, all sectors are still positive.

Construction Dive

April 2, 2024

1 Min Read
Brandon Bell/Getty Images via Getty Images

Nonresidential construction spending dropped 1% in February to a seasonally adjusted annual rate of $1.179 trillion, according to Associated Builders and Contractors’ analysis of U.S. Census Bureau data.

That decrease in February marks the second month in a row of construction spending contraction, following a 19-month streak of construction spending growth, according to the report.

“The optimist will likely shrug off both the January and February nonresidential construction spending declines as merely reflecting winter weather,” said Anirban Basu, ABC chief economist. “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.”

To read the rest of this story from our sister publication, Construction Dive, click here.

About the Author(s)

Construction Dive

Construction Dive provides in-depth journalism and insight into the most impactful news and trends shaping the construction and building industry. The daily email newsletter and website cover topics such as commercial building, residential building, green building, design, deals, regulations and more.

Construction Dive is a leading industry publication operated by Industry Dive. Our business journalists spark ideas and shape agendas for 14 million decision makers in competitive industries.

Subscribe to get the latest information on products, technologies and management.
Join our growing community and stay informed with our free newsletters.

You May Also Like