Spending growth ends in nonresidential building and heavy project markets
Abstract:
Revisions have cancelled the earlier report of declining spending for nonresidential buildings and heavy projects. Nonetheless, spending growth has stalled in both markets. Construction spending since November is up only 1.2% for nonresidential buildings and 0.2% for heavy projects. This gain does not cover cost increases which have recently accelerated. Materials cost increased 3.6% for nonresidential buildings and 4.5% for heavy projects. The volume of work at job sites continues to decline slowly and is expected to decline further through the spring.
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Revisions have cancelled the earlier report of declining spending for nonresidential buildings and heavy projects. Nonetheless, spending growth has stalled in both markets. Construction spending since November is up only 1.2% for nonresidential buildings and 0.2% for heavy projects. This gain does not cover cost increases which have recently accelerated. Materials cost increased 3.6% for nonresidential buildings and 4.5% for heavy projects. The volume of work at job sites continues to decline slowly and is expected to decline further through the spring.