WASHINGTON (March 1) — Nonresidential construction spending increased by 0.9% in January over the previous month according to Associated Builders and Contractors analysis of data published by the U.S. Census Bureau. Spending is still down 5% from January 2020 but the 1.9% increase is more stable than previous months during the COVID-19 pandemic. Nonresidential spending totaled $799.1 billion for the month.
“It is remarkable that overall nonresidential construction spending has stabilized recently despite the lingering impacts of the COVID-19 pandemic,” said ABC Chief Economist Anirban Basu.
Read the full report from ABC here.