Economy

AGC: Construction spending up for fifth consecutive month in November
Written by Becca Moczygemba
January 3, 2024
An increase in residential construction brought total construction spending up by 0.4% in November, according to a report from the Associated General Contractors of America (AGC). The uptick offsets a slowdown in public spending.
Construction spending totaled $2.050 trillion in November, a 0.4% increase over October.
“Private construction spending is showing renewed vigor in homebuilding and selected private nonresidential categories, while developer-financed spending languishes,” AGC’s chief economist Ken Simonson said in a statement on Jan. 2.
Private residential construction increased by 1.1% while multifamily builds inched up 0.1%.
Spending on private nonresidential construction increased for the fifth consecutive month by 0.2%, AGC said. However, the largest segment was manufacturing construction, which rose by 0.5%. Overall commercial construction fell by 0.5%.
Decreased funding for public construction on education, transportation, and other infrastructure categories led to a 2.2% drop in November, according to AGC. But highway and road construction increased by 0.1%.
The AGC is set to release its 2024 outlook on Thursday, Jan. 4.

Becca Moczygemba
Read more from Becca MoczygembaLatest in Economy

ISM: Manufacturing growth slows in July, hits 10-month low
US manufacturing activity slowed again in July to a 10-month low

CRU: Pushing EU imports back to 15% would be a big task
Several EU member states have published a ‘non-paper’ that puts forward proposals for a post-safeguard trade measure.

SMU Community Chat: Tariff-induced panic purchases, inflation, and calculating costs
Chief executive of the Institute for Supply Management (ISM), Tom Derry highlighted how reactive buying behavior has shifted the market into a quiet demand period. Derry presented ISM data during the weekly SMU community chat.

Architecture billings still sluggish despite project inquiry uptick
The Architecture Billings Index (ABI), a leading indicator for non-residential construction activity, declined for an eighth straight month in June.

Beige Book: Tariff pressures mount, flat outlook
All districts reported “experiencing modest to pronounced input cost pressures related to tariffs, especially for raw materials used in manufacturing and construction.”