ABC: Nonresidential Construction Spending Slips in April but Remains Near Record High

Ally WetheraldUncategorized

“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.

While spending was down on a monthly basis in 10 of the 16 nonresidential subcategories, an unprecedented increase in manufacturing construction spending has pushed overall nonresidential activity 31.9% higher over the past two years.

ABC’s Construction Confidence Index shows that a majority of contractors expect their sales to increase over the next two quarters, despite the current expectation that interest rates will stay higher for longer.