WASHINGTON, DC — National nonresidential buildingandconstruction costs reduced 0.2% in July, according to an Associated Builders and Contractors analysis of information released today by the US Census Bureau. On a seasonally changed annualized basis, nonresidential costs amountedto $1.21 trillion.
Spending was down on a month-to-month basis in 11 of the 16 nonresidential subcategories. Private nonresidential costs reduced 0.4%, while public nonresidential buildingandconstruction costs was up 0.2% in July.
“Nonresidential buildingandconstruction costs decreased for the 2nd successive month in July however stays simply 0.4% listedbelow the all-time high recognized in May,” stated ABC Chief Economist Anirban Basu.
“While Hurricane Beryl, which interrupted buildingandconstruction activity along the Gulf Coast in early July, contributed to the month’s weak building costs information, the cumulative impact of high interest rates mostlikely bears more blame,” stated Basu. “This is especially real for nonresidential costs in the personal sector, which fell 0.4% for the month and is up simply 4.5% over the past year.
“Less than half of professionals anticipate their sales to boost over the next 6 months, according to ABC’s Construction Confidence Index, a cle