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News Feb. 6, 2024

Construction spending rose in December 2023

Nonresidential construction spending increased 0.4% from November 2023 to December 2023 and is up 20.1% compared with December 2022, according to Associated Builders and Contractors.

For public construction, spending increased 1.4% for the month and is up 21.6% year to date. Private nonresidential spending fell 0.2% from November 2023 to December 2023 and is up 19.1% year to date. Spending was down for the month in eight of the 16 nonresidential subcategories.

“Nonresidential construction spending finished 2023 up more than 20%—the 19th consecutive monthly increase—and will carry ample momentum in 2024,” said ABC Chief Economist Anirban Basu. “While much of that strength is due to surging investment in new manufacturing structures, roughly half of the 16 nonresidential subsegments saw spending increases by 20% or more in 2023.

“That said, privately financed nonresidential activity actually declined in December, albeit by just 0.2%,” Basu continued. “That decrease in private activity was offset by surging activity in the highway and street category, which along with other publicly financed segments will retain momentum in the coming months as infrastructure investments are finally put in place.”

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