U.S. Put-in-Place Construction Forecasts – Winter 2024
ConstructConnect Projects US Put-in-Place Construction Spending of $2.15 Trillion in 2024 ConstructConnect Chief Economist Michael Guckes released the US Put-in-Place Construction Forecast for Winter 2024 today. According to the report, total put-in-place construction spending for 2024 is expected to reach $2.15 trillion, marking a 6.4% increase from 2023. Although slightly lower than the last quarterly projection of $2.16 trillion, this updated…
Energy Prices Drive Construction Materials Costs 0.3% Higher in October
Construction input prices increased 0.3% in October compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics’ Producer Price Index data recently released. Nonresidential construction input prices also increased 0.3% for the month. Prices increased in all three energy subcategories last month. Natural gas prices increased…
ABC’s Construction Backlog Indicator Rebounds in September, Contractor Confidence Improves
Associated Builders and Contractors reported today that its Construction Backlog Indicator increased to 8.6 months in September, according to an ABC member survey conducted Sept. 20 to Oct. 4. The reading is down 0.4 months from September 2023. View the full Construction Backlog Indicator and Construction Confidence Index data series. Backlog increased in every region except…
Nonresidential Construction Spending Inches Up in August, Says ABC
National nonresidential construction spending increased 0.1% in August, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.22 trillion. Spending was up on a monthly basis in 10 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.1%,…
Construction Starts Increase 6% in August
Total construction starts rose 6% in August to a seasonally adjust annual rate of $1.2 trillion, according to Dodge Construction Network. Residential starts rose 5%, nonbuilding starts gained 17%, while nonresidential buildings fell 2% in August. On a year-to-date basis through August, total construction starts were up 4% from the first eight months of 2023. Residential…
Construction Spending Slips 0.3 Percent In July With Decreases In Private Projects As New Survey Indicates Worker Shortages Are Worsening
Drop in Spending Likely Caused by the Fact 94 Percent of Construction Firms Report They are Having a Hard Time Finding People to Hire as Construction Spending Falls to an Annual Rate of $2.162 Trillion Construction spending slid 0.3 percent from June to July, pulled down by declines in private residential and nonresidential construction, according…
Nonresidential Construction Spending Dips 0.2% in July
National nonresidential construction spending decreased 0.2% in July, according to an Associated Builders and Contractors analysis of data published today by the U.S. Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.21 trillion. Spending was down on a monthly basis in 11 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.4%,…
CIRT Sentiment Index: Third Quarter 2024 Released
The Construction Industry Round Table (CIRT) and FMI recently released their CIRT Sentiment Index, 3rd Quarter 2024. The third quarter 2024 CIRT Sentiment Index declined, indicating respondents are less optimistic about future opportunities. The overall index score fell to 62.6 from 67.0 in the prior quarter. The third quarter Design Index also retreated, dropping to…
Construction Materials Prices Increase in July for First Time Since April, Says ABC
Construction input prices increased 0.4% in July compared to the previous month, according to an Associated Builders and Contractors analysis of U.S. Bureau of Labor Statistics Producer Price Index data released today. Nonresidential construction input prices also increased 0.4% for the month. Overall construction input prices are 1.1% higher than a year ago, while nonresidential…
Dodge Momentum Index Expands Another 8% in July
The Dodge Momentum Index (DMI), issued by Dodge Construction Network, increased 7.9% in July to 216.3 (2000=100) from the revised June reading of 200.5. Over the month, commercial planning increased by 6.8%, and institutional planning expanded by 11.1%. “While data centers have had an outsized influence on nonresidential planning activity in recent months, more momentum is building…
