March 2024
Construction Spending
U.S. Census Bureau
JAN 2024 vs. JAN 2023
All Construction Spending: +11.7%
Public Construction: +20.1%
Private Construction: +9.5%
Residential Construction: +5.4%
Non-Residential Construction: +17.1%
Construction Costs
ENR Construction Cost Index
MAR 2024 vs. MAR 2023
Total Construction Costs: +2.7%
Building Cost Index: +3.8%
Material Cost Index: +6.2%
Skilled Labor Costs: +3.0%
Common Labor Costs: +2.0%
Construction Employment
U.S. Bureau of Labor Statistics
FEB 2024
Construction Unemployment: 7.0%
Project Design Activity
AIA Architectural Billings Index
Architectural Billings Index (ABI): 49.5
New Design Contract Index (DCI): 51.1
New Project Inquiry Index (NPII): 56.0
>50 represents more activity than the prior month. AIA monthly data for each segment and region can be found on our Economics Hub.
Contractor Backlogs
ABC Backlog Indicator
DEC 2023 (4th Quarter)
National Average Backlog: 8.6 months
Highest Backlogs By:
Industry: Commercial (9.1)
Region: South (10.7)
Company Size: $50-100M (12.3)
Complete backlog data for each Industry, Region, and Company Size can be found on our Economics Hub.
Construction Activity
Construction Starts Fell 8% in February
Labor
FMI: Engage More Women to Improve Labor Constraints in the Construction Industry
Risk Management
Mitigating Four Major Risk Factors in the Construction Industry
Sector Watch: Office Construction
Moody's: Office Real Estate Value Likely to Plunge 26% Through 2025