Construction Spending

U.S. Census Bureau

DEC 2023 vs. DEC 2022

All Construction Spending: +13.9%

Public Construction: +21.3%

Private Construction:  +11.8%

Residential Construction: +6.8%

Non-Residential Construction:  +20.1%



Construction Costs

ENR Construction Cost Index

FEB 2024 vs. FEB 2023

Total Construction Costs: +2.6%

Building Cost Index: +3.8%  

Material Cost Index: +5.9%

Skilled Labor Costs: +3.6%

Common Labor Costs: +2.0% 



Construction Employment

U.S. Bureau of Labor Statistics

JAN 2024

Construction Unemployment: 6.9%



Project Design Activity

AIA Architectural Billings Index

JAN 2024

Architectural Billings Index (ABI): 46.2

New Design Contract Index (DCI): 49.7

New Project Inquiry Index (NPII): 53.8

>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.