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Construction spending slips but 1 sector shines

June 4, 2024

“An unprecedented increase in manufacturing construction spending has pushed overall nonresidential activity 31.9% higher over the past two years,” said Basu. “Ongoing investment in industrial facilities as well as significant infrastructure-related outlays will keep nonresidential spending elevated despite the current expectation that interest rates will stay higher for longer.”

Nonresidential construction spending remains strong compared to a year ago, according to Census Bureau data. Over the past 12 months, private nonresidential spending jumped 8.3%, while public nonresidential spending soared 16.7%.

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