image credit: Adobe Stock

Manufacturing sector props up construction spending

March 2, 2023

Spending in the nonresidential sector continues to outpace inflation on a year-over-year basis, said Basu.

That’s because of massive spending in the manufacturing sector. Manufacturing construction spending jumped 5.9% in January, reaching $139.78 billion. Meanwhile, transportation spending increased 1.7% in January, totaling $61.45 billion, according to the report.

However, without manufacturing-related construction, nonresidential spending actually declined in January, Basu said.

Read More on Construction Dive