Nonresidential Construction Spending Increases 0.4% in December

WASHINGTON, DC — National nonresidential construction spending increased 0.4% in December, according to an Associated Builders and Contractors diagnosis of records printed this day by the US Census Bureau. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.174 trillion.

Spending used to be down on a monthly basis in 8 of the 16 nonresidential subcategories. Non-public nonresidential spending used to be down 0.2% in December, while public nonresidential construction spending used to be up 1.4%.

“Nonresidential construction spending finished 2023 up extra than 20%—the nineteenth consecutive monthly increase—and may well perchance well presumably unbiased raise big momentum in 2024,” said ABC Chief Economist Anirban Basu. “Whereas powerful of that strength is which skill of surging investment in original manufacturing structures, roughly half of of the 16 nonresidential subsegments noticed spending increases by 20% or extra in 2023.

“That said, privately financed nonresidential train in truth declined in December, albeit by good 0.2%,” said Basu. “That lower in private train used to be offset by surging train in the dual carriageway and avenue class, which along with assorted publicly financed segments will retain momentum in the coming months as infrastructure investments are finally set in speak.”