National nonresidential construction spending decreased 0.2% in March, 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 $1.244 trillion.
Spending was down on a monthly basis in 9 of the 16 nonresidential subcategories. Both public and private nonresidential spending were down 0.2% in March.
“Nonresidential construction spending contracted yet again in March,” said ABC Chief Economist Anirban Basu. “While a large portion of the ongoing decline is due to steadily falling manufacturing-related construction activity, weakness is becoming more widespread. Both public and private sector activity fell in March, and the latter is now down more than 2% on a year-over-year basis. With the exception of the ongoing boom in data center construction (+34.3% year over year), there are few sources of momentum. Despite this ongoing weakness, however, contractors remain optimistic about the outlook, according to ABC’s Construction Confidence Index.”
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