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Market Update
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February 2024
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in December 2023, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that December’s three month total (3MT) construction expenditures grew by 13.5% year on year (y/y) to 331.0 billion. On a 12MT basis, private expenditures increased by 1.2% y/y.
January 2024
Architectural Billings Index: December’s 2023 national Architectural Billings Index of 45.4 was up 0.1 points from November’s 45.3, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Multifamily Residential and Commercial/Industrial all reported a decrease in design activity in December.
September 2023
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in August 2023, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that August’s three month total (3MT) construction expenditures grew by 3.3% year on year (y/y) to 279.8 billion. On a 12MT basis, private expenditures decreased by 4.0% y/y.
Architectural Billings Index: August’s 2023 national Architectural Billings Index of 48.1 was down 1.9 points from July’s 50.0, which is below the expansionary zone, (>50). U.S. architecture firms specializing in multifamily residential and Institutional all reported a decrease in design activity in August.
August 2023
Architectural Billings Index: July’s 2023 national Architectural Billings Index of 50.0 was down 0.1 points from June’s 50.1, which is above the expansionary zone, (>50). U.S. architecture firms specializing in Commercial / Industrial and Institutional all reported an increase in design activity in July.
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in June 2023, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that June’s three month total (3MT) construction expenditures grew by 2.2% year on year (y/y) to $500.7 billion. On a 12MT basis, private expenditures increased by 5.0% y/y, state & local increased by 9.4% y/y, and federal spending increased 19.3% y/y.