Nonresidential Spending Continues Decline

Nonresidential construction spending fell 0.5 percent in April, the fifth straight month of decline and a two-year low, according to analysis by the Associated General Contractors of America. The group cited declining demand in several project categories and blamed “lengthening production and delivery times for materials, along with fast-rising prices for many items.” Combined private and public nonresidential spending declined 0.5 percent from March and 3.9 percent over 12 months, to the lowest annual rate since December 2018. Among the other large private nonresidential project types, commercial construction—comprising retail, warehouse and farm structures—retreated 1.3 percent year-over-year despite a gain of 0.4 percent for the month. Manufacturing construction rose 0.6 percent from a year earlier and 0.4 percent from March. Office construction decreased 1.6 percent year-over-year but edged up 0.2 percent in April. READ FULL ARTICLE >>