Archinect - News

Project Stress Index records slight improvements after September interest rate cuts

2024-11-15T14:45:00-05:00

The new ConstructionConnect Project Stress Index (PSI) composite reading for October has shown a mild improvement to 104.2, rising 0.8% for the month after a revised September reading of 103.4.

Compared to the same month one year ago, the composite is down 11.6%. This is the fourth consecutive month in a row for year-to-year contractions. However, ConstructionConnect's Chief Economist Michael Guckes tells us: "This year has been very good for the PSI, with year-to-date composite performance down 14.6%. If conditions continue at this level for the rest of the year, the PSI will arguably have its best year since 2021."

The total number of project abandonments, along with the number of on-hold projects, were both recorded as hitting new multi-year lows. Guckes says it is due largely to the preemptive anticipation of Federal Funds Rate (FFR) decreases, which have an impact of pr...

October's Dodge Momentum Index down 5.3% due to commercial sector losses

2024-11-07T15:36:00-05:00

The new Dodge Momentum Index (DMI) for the month of October has shown a decrease of 5.3% to a new score of 197.2. This is down from September’s revised reading of 208.2. Over the month, commercial planning fell 6.7%, and institutional planning declined 2.0%.

The declines were reflected in most commercial planning categories with hotels serving as the sole outlier. Education and public planning activity expanded the institutional side, which was offset slightly by weaker activity in healthcare, recreational, and religious projects. Overall, the DMI was 13% higher than in October of 2023.

"In addition to data center planning normalizing, a moderate pullback in the number of planning projects for several other nonresidential sectors also contributed to the decline in the Dodge Momentum Index for October," Sarah Martin, the associate director of forecasting at Dodge Construction Network, said. "Regardless, owners and developers remain confident in next year’s market conditions, and t...

September nonresidential construction spending bumped by 0.1%, led by infrastructure investments

2024-11-01T15:04:00-04:00

Nationwide nonresidential construction spending increased by 0.1% in the month of September, according to an Associated Builders and Contractors (ABC) analysis of recent U.S. Census Bureau data. On a seasonally adjusted annualized basis, nonresidential spending totaled $1.22 trillion.

September's pending went up in half of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.1%, while public nonresidential construction spending was up 0.4% in September.

Table credit: Associated Builders and Contractors

“Construction spending inched higher in September, with growth fueled by ongoing infrastructure investment,” ABC Chief Economist Anirban Basu said. “Spending accelerated in several publicly funded segments in September, including highway and street, sewage and waste disposal and water supply. The privately funded nonresidential construction segment didn’t perform as well for the month, with spending in that segment contracting for the second time in the past...

Saudi Arabia's record-breaking Mukaab tower begins construction in Riyadh

2024-10-23T15:28:00-04:00

Preliminary construction work on the mind-boggling Mukaab tower scheme has been reported in Riyadh, Saudi Arabia. The cube-like structure, whose volume is equivalent to 64 million cubic meters (more than 2.2 billion cubic feet), is apparently large enough to contain 20 Empire State Buildings. It will become the centerpiece of a new downtown core for the city called ‘New Murabba’ once completed.

Image courtesy New Murabba

At its core, another tower-like structure anchors over 21.5 million square feet of floor space dedicated to shopping and inspired by traditional Islamic architecture. Montreal-based AtkinsRéalis has been named as the designer.

Promotional video for the Mukaab tower scheme. Via Public Investment Fund/YouTube

Its stated dimensions mean it would surpass the Boeing Everett Factory in Washington State to become the world's largest building upon completion. Construction is said to require some 900 workers on-site daily and will likely wrap up by the end of 2030.

...

Claim: NEOM will consume one-fifth of the world's steel to complete construction

2024-10-18T18:37:00-04:00

A surprising new claim about the amount of steel being used to construct NEOM’s new The Line megacity and other satellite developments is being advanced by several regional outlets, which claim the amount equals one-fifth (20%) of the world's current steel production.

The claim was first published by the website Arabian Gulf Business Insight on Monday after NEOM's chief investment officer told the outlet about its forthcoming status as "the world’s largest customer for construction materials" for possibly dozens of years.

It comes after the announcement of new concrete production facilities across the country that augment construction of the more than $500 billion plan. The Line's initial phase of construction has been reduced to span just 2.4 kilometers (1.5 miles) by the end of the decade.

Crane count in U.S. cities largely held steady this year

2024-10-15T06:00:00-04:00

Rider Levett Bucknall’s (RLB) latest crane count index report for North America has shown a slight decrease from its previous edition. The latest data, covering Q3 2024, reports a slight decrease of 5% from Q1 2024.

Fourteen cities were surveyed for the study, with four experiencing a decrease of greater than 20%, seven increasing their count, and three holding steady.

The cities to see an increase in crane counts were Calgary, Chicago, Honolulu, Las Vegas, Phoenix, Toronto, and Washington D.C. while Denver, Los Angeles, and New York City’s crane count held steady. Boston, Portland, San Francisco, and Seattle say a decrease in crane count.

“The mixed-use sector continues to dominate crane activity, reflecting strong demand for diverse developments,” RLB said about the latest study. “Major projects in sectors such as healthcare, education, and infrastructure are driving significant investment and construction efforts. Despite challenges of high office vacancy rates in certain areas, ...

NEOM's The Line is getting its own $186M concrete factory

2024-10-14T10:00:00-04:00

Multiple outlets in the Gulf region report on a new $186 million series of ready-mix concrete plants that will augment construction efforts for NEOM and The Line. According to Gulf News, the facility is capable of producing more than 700,000 cubic feet per day.

The $500 billion linear city effort had taken a hit recently after officials admitted their intentions to drastically limit its first phase to just 2.4 kilometers (1.5 miles). The Line's superstructure and sub-grade support system will receive most of the output from the plants. A separate source reported that work on its foundation pilings has already begun, with "nearly 1,000 out of over 30,000 piles placed so far."

September's Dodge Momentum Index drops 4% following three straight months of growth

2024-10-07T17:40:00-04:00

The latest Dodge Momentum Index (DMI) figures for September have shown decreases equal to a 4% drop to a new sore of 208.6 after a revised August reading of 217.7.

For the month, commercial planning contracted by 7.8% and institutional planning improved by 5.2%. The new DMI was 21% higher than in September of 2023. Planning in the commercial segment was up 31% from year-ago levels, while the institutional sector was up 4% over the same period.

"Despite this month’s decline, the Dodge Momentum Index remains at very robust levels," Sarah Martin, the associate director of forecasting at the Dodge Construction Network said in a statement. "A surge in data center activity drove much of the recent rapid growth in the DMI – so as planning for that sector moderated over the month, overall commercial planning fell back. By mid-2025, the Fed’s rate cuts should spur planning projects to reach groundbreaking more quickly – leading to stronger nonresidential activity as 2025 progresses."

The l...

Nonresidential construction spending jumps 0.1% for August

2024-10-01T13:54:00-04:00

The latest Associated Builders and Contractors (ABC) analysis of U.S. Census Bureau data on nonresidential construction spending has shown a slight 0.1% increase for the month of August.

On a seasonally adjusted annualized basis, nonresidential spending totaled $1.22 trillion. Private nonresidential spending decreased 0.1%, while public nonresidential construction spending was up by 0.3%.

"Nonresidential construction spending inched higher in August, and that’s almost entirely due to ongoing infrastructure investments," said ABC Chief Economist Anirban Basu.

Table credit: Associated Builders and Contractors

"Public spending accounted for all of the nonresidential segment’s monthly increase and has risen nearly 8% over the past year, significantly outpacing privately financed nonresidential construction activity," Basu's statement continued. "As a result of ongoing weakness in certain private subsegments, ABC’s Construction Backlog Indicator has fallen by a full month over the past y...

Multifamily projects took 19.9 months on average to complete in 2023

2024-09-30T18:50:00-04:00

A new report from the National Association of Home Builders has shown the average length of time it takes to complete construction of a multifamily dwelling was 19.9 months in 2023.

The NAHB findings draw from the 2023 Survey of Construction (SOC) from the U.S. Census Bureau, which also notes that buildings of more than 20 units took a longer (22 months) time on average to complete. (Projects of the same size took an average of 19 months to complete before the pandemic.)

Some potential factors could be lagging supply chain issues and lack of construction labor nationwide. According to data from the latest Census Bureau report on the housing market, "Privately-owned housing completions in August were at a seasonally adjusted annual rate of 1,788,000."

The reporting can be compared to the latest Dodge Construction Network construction starts data here.

Dodge Momentum Index continues to climb with 2.9% jump in August

2024-09-11T11:00:00-04:00

The Dodge Momentum Index (DMI) for August reports a 2.9% increase to a new score of 220.4 following July’s revised total of 214.2. Over the month, commercial planning expanded by 1.9%, and institutional planning was up another 5.7%.

"Owners and developers continued to prime the planning queue in August, ahead of next year’s anticipated stronger market conditions," Sarah Martin, the associate director of forecasting at Dodge Construction Network, said. "With the Fed’s September rate cut all but finalized, the influence of selective lending standards and inflation should moderate next year, alongside a modest upgrade to consumer demand. As a result, stronger planning activity was widespread in August, with most nonresidential sectors seeing growth."

The commercial planning sector was led again by data center and warehouse projects, while on the institutional side, healthcare projects continued to be a primary driver.

Related on Archinect: Architecture's Interest Rate Prayers Answer...

Nonresidential construction spending drops 0.2% in July

2024-09-03T14:51:00-04:00

Nonresidential construction spending for July fell slightly by 0.2%, according to the latest Associated Builders and Contractors analysis of U.S. Census Bureau data published today.

On a seasonally adjusted annualized basis, nonresidential spending is now worth a total of $1.21 trillion. Private nonresidential spending decreased by 0.4%, while public nonresidential construction spending was up 0.2% in July.

Table credit: Associated Builders and Contractors

"Nonresidential construction spending declined for the second consecutive month in July but remains just 0.4% below the all-time high established in May," stated ABC Chief Economist Anirban Basu. "While Hurricane Beryl, which interrupted construction activity along the Gulf Coast in early July, contributed to the month’s weak construction spending data, the cumulative effect of high interest rates likely bears more blame. This is particularly true for nonresidential spending in the private sector, which fell 0.4% for the month and ...

July sees sharp improvement in project conditions as interest rates are expected to fall

2024-08-19T16:29:00-04:00

ConstructConnect’s Project Stress Index reading for July has experienced a sharp decline of 14.2% and is now at 96.2, following June’s revised reading of 112.5. Compared to levels from a year ago, the Index has fallen 6.1%.

Last month saw decreases across all stress components, with abandonment activity experiencing the most severe monthly decline, which was a 24% fall. This was followed by an 11% dip in on-hold activity and delayed bid activity, which fell 6.8%.

ConstructConnect attributes the abrupt and steep shift to an anticipated reduction of interest rates by the Federal Reserve.

As said by ConstructConnect Chief Economist Michael Guckes, “If owners and developers believe they need only wait a few more weeks—or just a few months at worst—for lower interest rates, then they would be correct in thinking that now is not the time to abandon or put projects on hold. Why abandon a project now if, in just a few weeks, falling commercial real estate mortgage rates will make that proje...

Zaha Hadid Architects updates progress on Central Bank of Iraq Headquarters in Baghdad

2024-08-16T18:09:00-04:00

Zaha Hadid Architects has shared new construction photos of its Central Bank of Iraq Headquarters design in Baghdad. Sitting on a narrow site right by the Tigris River, the tower's exoskeleton rises from a podium and gradually widens upwards to reach a height of 560 feet.

The late Zaha Hadid is credited for the design (along with Patrik Schumacher), making this project a significant contribution to her city of birth.

View this post on Instagram A post shared by Zaha Hadid Architects (@zahahadidarchitects)

Construction input prices up again by 0.4% in July

2024-08-14T15:17:00-04:00

Nationwide, construction input prices increased by 0.4% in July, according to a new analysis of the U.S. Bureau of Labor Statistics Producer Price Index by Associated Builders and Contractors (ABC). Nonresidential construction input prices also increased 0.4% for the month. Overall, construction input prices are 1.1% higher than they were a year ago, and nonresidential construction input prices are another 0.8% higher.

This ends a two-month streak of consecutive declines following six straight months of increases to begin 2024. "Despite the monthly uptick, which was largely driven by higher petroleum and natural gas prices, input prices are up just 1.1% year over year," ABC Chief Economist Anirban Basu stated.

Chart credit: Associated Builders and Contractors

"The lack of materials price escalation over the past 12 months is a welcome development for contractors, just 34% of whom expect their profit margins to expand over the next six months, according to ABC’s Construction Confidenc...

Apartment construction remains at 50-year high in 2024

2024-08-12T17:15:00-04:00

This year will be the first year in U.S. history that more than 500,000 new apartments are constructed, according to a new analysis of the 2024 rental market from RentCafe.

The trend, which is anticipated to abate slightly in 2025, may again resurface by 2028 with exceptions remaining in markets such as Minneapolis and Houston.

Topping the list was the greater New York metro area with 32,935 new units despite the city having permitted its lowest number of new apartments since 2016 last year. Dallas followed closely in second place, with booming Austin, Texas, finishing a distant third. Housing efforts there have struggled to keep pace after demand began to rapidly increase in 2020.

Phoenix came in fourth on the list with 20,141 new units, giving a face to the effects of the construction loophole underpinning its population boom in the face of questions surrounding water scarcity. (Paradoxically, as RentCafe points out, “[a] shift towards sustainability could be one of the reasons...

BIG's garden-like Suzhou 'art oasis' tops out

2024-08-09T13:45:00-04:00

Another museum project in China from BIG, the 646,000-square-foot Suzhou Museum of Contemporary Art, topped out recently ahead of its scheduled 2025 opening. The project, a "tribute to the rich garden heritage of Suzhou," includes 12 separate small pavilions, which are united by walkways covered by a sheltering envelope of ribboned roof eaves to form a village-like concept. It stands as the centerpiece of the ongoing Jinji Lake redevelopment.

"The result is a manmade maze of plants and artworks to get lost within," Bjarke Ingels commented on the design scheme created in collaboration with ARTS Group and Front Inc. "Its nodular logic only becomes distinctly discernible when viewed from the gondolas above."

View this post on Instagram A post shared by BIG - Bjarke Ingels Group (@big_builds)

Hotel construction is at an all-time high, new report states

2024-08-08T12:44:00-04:00

The hospitality industry group Lodging Econometrics has released its new prospectus of hotel projects in the construction and planning pipelines, indicating a new all-time high for the growing sector. At the end of Q2, 1,171 projects were reportedly under construction across the U.S. Another 2,350 projects are expected to start construction in the next 12 months, and 250 were reported to have opened in the first two quarters of 2024 alone.

The group also "expects that as interest rates begin to decline, projects scheduled to start in the next 12 months will move to under construction rather quickly." This may be a good sign for nonresidential and non-commercial projects in different markets, as the Construction Starts Index has experienced considerable volatility for over a year.

Looking forward, the new report states: "The LE forecast for the remainder of 2024 includes the ope...

Dodge Momentum Index continues encouraging trajectory with 8% growth in July

2024-08-07T20:00:00-04:00

The Dodge Momentum Index (DMI) for July has improved for the second consecutive month, recording a 7.9% increase to a new score of 216.3. This follows June’s revised increase to 200.5. For the month, commercial planning grew by 6.8%, and institutional planning gained 11.1%.

"While data centers have had an outsized influence on nonresidential planning activity in recent months, more momentum is building across many other major sectors and diversifying the story behind July’s growth," Sarah Martin, Associate Director of Forecasting at Dodge Construction Network, commented. "The potential Fed rate cut in September is becoming increasingly more likely, alongside slower inflation and weaker labor market conditions. This is likely driving owners and developers to remain optimistic about 2025 market conditions and pushing more projects into the planning queue."

The acceleration of data centers nationwide continued to play an important role, as did healthcare facilities. The new DMI is 17% ...

Nonresidential construction spending falls for third consecutive month

2024-08-02T13:29:00-04:00

Nonresidential construction spending dipped 0.2% nationwide in June, according to the latest Associated Builders and Contractors analysis of data published by the U.S. Census Bureau.

On a seasonally adjusted annualized basis, nonresidential spending totaled $1.21 trillion, with nonresidential construction expanding 5.3% from a year ago. Spending decreased on a monthly basis in 7 of the 16 nonresidential subcategories. Private nonresidential spending fell 0.1% in June, while public nonresidential construction spending was down 0.4%.

Table credit: Associated Builders and Contractors

“A new trend in nonresidential construction is emerging, and it’s not a good thing,” said ABC Chief Economist Anirban Basu. “Despite a bevy of megaprojects in certain parts of the nation, overall nonresidential construction spending appears to have entered a period of stagnation. The flattening of momentum has been apparent for the better part of a year, but the impact of higher interest rates, tighter cr...

Calgary's new Scotia Place arena to unite NHL Flames fans for 2027

2024-07-25T12:30:00-04:00

Construction has begun on the new Scotia Place events center in downtown Calgary from HOK and DIALOG.

The arena design reportedly considers its site’s Indigenous forebears from the Treaty 7 Peoples and the Metis Nation and establishes a new home for the Calgary Flames NHL franchise while also standing as the anchor of a 10-acre entertainment district and gathering place for 8,000 Calgarians who live nearby.

The new building is expected to open in fall 2027.

View this post on Instagram A post shared by DIALOG (@dialogdesign)

White House releases recommendations to modernize federal environmental reviews

2024-07-22T20:18:00-04:00

The White House Council on Environmental Quality (CEQ) has shared its updated recommendations for modernizing the process of environmental reviews using new digital technologies. The 78-page report issued last week includes recommended steps and other guidances to complement projects pursued through the $1 billion Inflation Reduction Act and a slate of comprehensive federal permitting reforms that have occurred under the Biden Administration.

Recommended steps include:

Creating a data standard and taxonomy for NEPA [National Environmental Policy Act];
Developing a common architecture for interoperable agency systems;
Supporting agency adoption of shared NEPA tools through iterative development of new and existing software applications; and
Automating the exchange of data among agency systems to provide a unified experience.

Brenda Mallory, Chair of the CEQ, commented: "This report outlines how agencies can create better, more efficient digital tools so we can better allocate federal ...

Project Stress Index reading for June sees 1.5% increase, driven by project abandonments

2024-07-16T18:39:00-04:00

ConstructConnect’s latest Project Stress Index (PSI) reading, which measures the level of non-residential projects that have experienced a delayed bid date, being placed on hold, or being abandoned, for June 2024 is up 1.5% from May. The figure of 112.7 is up 9% from June 2023.

As reported by Construction Dive, project abandonments increased by 10.7%, delayed bid activity saw no change, and work put on hold fell 6.6% over the past month. Since mid-May, weekly and monthly readings have roughly hovered between 110 and 113, which indicates that current levels of project stress are only slightly more than 10% above the average level recorded during the 2021 calendar year.

“Among abandoned projects, it is very possible that this number is being fueled by only a few severely impacted subcategories,” said Michael Guckes, chief economist at ConstructConnect, to Construction Dive. “Chief among suspects are private offices which continue to gravely struggle against current financial market c...

ICON's first 3D printed CODEX homes come to market in Texas

2024-07-16T11:24:00-04:00

The first eight 3D printed homes from construction tech company ICON’s new CODEX architectural catalog are coming to Wimberley, Texas, as part of an initial release intended for the Austin area market.

The single-story homes, currently under construction, belong to the TexNext and AlphaBeta collections and range from four to five bedrooms and 2,800 to 4,000 square feet, featuring a mix of luxury and sensibilities to the state's unique history and architectural heritage.

ALPHABETA S. Image: courtesy of ICON

Residences from the TexNext line are designed in partnership with Bjarke Ingels Group (BIG). According to the company, each of the homes included in the new release is designed to optimize thermal performance and energy efficiency, rating between 45 and 60% more efficient than typical homes of their size in the latter category.

RANCH MESA. Image courtesy ICON

These will feature ICON's proprietary CarbonX concrete, which, when paired with the company's 3D printed wall system and robot...

Construction input prices fall 0.3% in June

2024-07-15T15:28:00-04:00

Construction input prices fell by 0.3% in June, according to the latest Associated Builders and Contractors (ABC) analysis of the U.S. Bureau of Labor Statistics' Producer Price Index. For the month, Nonresidential construction input prices declined by 0.4%. Overall construction input prices are 1.1% higher than year-ago levels, while nonresidential construction input prices are 0.7% higher.

Prices for lumber and wood products remain unchanged, while the cost of softwood lumber decreased by 0.5%, and concrete products went up by 0.4%. This is the second consecutive month of overall input price declines following a spate of consecutive increases that were recorded beginning last December.

Chart credit: Associated Builders and Contractors

“Construction materials prices dipped in June, perhaps a reflection of declining project starts in a number of construction segments and an associated dip in demand,” said ABC Chief Economist Anirban Basu. “For instance, input prices fell in the mu...

Snøhetta shares updated construction photos for El Paso Children's Museum

2024-07-12T11:20:00-04:00

The El Paso Children's Museum in Texas from Snøhetta and Exigo Architecture is advancing toward completion later this summer. The four-story, 70,000-square-foot museum is part of El Paso’s Downtown Arts District and will serve the community as its first purpose-built children's museum when it officially opens to the public on August 10th.

Snøhetta says: "The development of La Nube — Spanish for ‘the cloud’ — was directly influenced by input from the community. During the master planning process, a recurring theme was 'Blue Sky Thinking.' The sky is limitless, undefined by borders and holds clouds that can take an infinite number of shapes. The sky connects us all, regardless of culture, language, age, or ability."

View this post on Instagram A post shared by Snøhetta (@snohetta)

The design utilizes repeated barrel vaults and a glass-wrapped rectilinear base to create a "cloud-like" composition distinct from the apparent firmament and mix of corporate architecture b...

MAD Architects updates progress on Tencent Cloud HQ in Shenzhen

2024-07-11T20:36:00-04:00

MAD Architects has shared a construction update for the easternmost portion of e-commerce giant Tencent's new Shenzhen headquarters, which is currently under construction for 2025. The project is located in the east of Dachan Bay Island, Qianhai, and comprises five blocks equal to about 2.47 acres, according to the project description.

Rendering: MAD Architects

This new 775,000-square-foot "cloud" building is joined by the Büro Ole Scheeren-designed Tencent Helix complex on the same campus that was announced in December.

View this post on Instagram A post shared by Dang Qun (@qun_dang)

Stateside, MAD's California office is currently featured in our highlight of Los Angeles area employers. Two Intermediate Architect roles are open, working with the office that designed the forthcoming Lucas Museum, One River North, and other significant projects out West in recent years.

View this post on Instagram A post shared by Ma Yansong (@mayansong_mad)
...

Mecanoo’s new Taoyuan Station project breaks ground in Taiwan

2024-07-11T11:13:00-04:00

A groundbreaking ceremony for the new Taoyuan Station from Mecanoo was recently held in Taiwan. The 656,598-square-foot transportation project supports the country’s transition to an underground rail network as part of the initial segment of a two-phase master plan.

Image courtesy Mecanoo

The station is designed in collaboration with Sinotech as a "large, covered plaza" that includes commercial spaces and a bus station forming its reference as an "origami aeroplane." Its roof canopy features three distinct volumes separated by two voids with heavy structural columns that divide further into slimmer forms. The site is informed by the city's central axis. A patterned soffit combines with linear lights to distract travelers with a dynamic and vibrant ceiling to complete the experience, which will premiere finally in 2033.

Image courtesy Mecanoo

Dodge Momentum Index climbs 10% in June

2024-07-10T13:30:00-04:00

The Dodge Momentum Index (DMI) increased by 10.4% in June to a new score of 198.6, according to new data from Dodge Construction Network. The latest numbers are up considerably from the revised May reading of 179.9. Over the month, commercial planning increased 14.5%, and institutional planning ticked up 0.2%.

“Data centers continued to dominate planning projects in June — fueling another strong month for commercial planning,” stated Sarah Martin, Associate Director of Forecasting at Dodge Construction Network. “More momentum in planning, while not as strong as data centers, was seen across most segments and indicates confidence in 2025 market conditions. The DMI is up 43% from June 2019 levels, signaling strong construction spending in 2025.”

Data center planning continued to drive growth in the commercial sector. In the institutional sector, weak...

Nonresidential construction spending declines 0.1% in May

2024-07-03T14:36:00-04:00

Spending on nonresidential construction nationwide fell 0.1% in May, according to a newly released Associated Builders and Contractors analysis of U.S. Census Bureau data on the industry.

On a seasonally adjusted annualized basis, nonresidential spending now totals $1.21 trillion. Spending declined on a monthly basis in 9 of the 16 nonresidential subcategories. Private nonresidential spending decreased 0.3%, while spending on public nonresidential construction was up 0.4% in May.

Table credit: Associated Builders and Contractors

“Nonresidential construction spending has fallen for two consecutive months yet remains just 0.2% below the all-time high achieved in March 2024,” states ABC Chief Economist Anirban Basu. “Much of that progress is attributable to ongoing infrastructure investments, which spurred a sizable 0.4% increase in publicly funded nonresidential spending in May.”

Table credit: Associated Builders and Contractors

“Private nonresidential spending has lagged and, after fa...