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Market Update
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August 2024
Architectural Billings Index: July’s 2024 national Architectural Billings Index of 48.2 was up 1.8 points from June’s 46.4, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Institutional and Commercial/Industrial all reported a decrease in design activity in July.
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in June 2024, 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 13.2% year on year (y/y) to 472.2 billion. On a 12MT basis, private expenditures increased by 4.6% y/y.
Architectural Billings Index: June’s 2024 national Architectural Billings Index of 46.4 was up 4.0 points from May’s 42.4, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Institutional and Commercial/Industrial all reported a decrease in design activity in June.
July 2024
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in May 2024, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that May’s three month total (3MT) construction expenditures grew by 14.6% year on year (y/y) to 445.4 billion. On a 12MT basis, private expenditures increased by 3.7% y/y.
June 2024
Architectural Billings Index: May’s 2024 national Architectural Billings Index of 42.4 was down 5.9 points from April’s 48.3, which is below the expansionary zone, (>50). U.S. architecture firms specializing in Multifamily Residential, Institutional and Commercial/Industrial all reported a decrease in design activity in May.
Construction Put-in-Place, (CPIP): Total U.S. construction spending continued to perform well in April 2024, especially in the private sector. Census Bureau non-seasonally adjusted (NSA), constant dollar CPIP data showed that April’s three month total (3MT) construction expenditures grew by 9.2% year on year (y/y) to 316.6 billion. On a 12MT basis, private expenditures increased by 5.2% y/y.