blog > Market Snapshot: Second-Quarter Construction Spending

Market Snapshot: Second-Quarter Construction Spending

by Rafael Barbosa

Insights from the latest construction spending data released by the U.S. Census Bureau.

PUBLISHED: 8/13/2024

Market Snapshot: Second-Quarter Construction Spending

Construction spending is trending towards a 6% increase from last year’s total based on June’s seasonally adjusted annual rate, as reported by the U.S Census Bureau. Data center construction is more than 62% higher, and manufacturing project activity is up 19%. The single-family market continued its gradual recovery and is up by nearly 10% from levels in June 2023. At the end of the second quarter, however, overall spending growth slowed, mainly driven by nonresidential markets.

Construction Spending Percentage Change – June 2024 vs. June 2023 (Seasonally Adjusted Rate)

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