Construction expenses for non-residents in the U.S. sharply decreased in January.

According to data analysis from the U.S. Census Bureau conducted by the Association of Builders and Contractors, national spending on non-residential construction decreased by 0.4% in January 2024. Seasonally adjusted annual spending on non-residential construction amounted to $1.190 trillion.

"Expenditures on non-residential construction plummeted in January, ending a 19-month streak of monthly increases."- said ABC's chief economist Anirban Basu."Part of this decline is due to weather factors. This is especially true for infrastructure categories such as roads and streets and water supply, both of which showed a sharp drop in spending at the beginning of the year but are expected to remain at a high level until 2024. In contrast, construction costs in the manufacturing category continued to rise rapidly in January."", said Basu."Manufacturing now accounts for almost 1 in every 5 dollars spent on non-residential construction."”"Despite the disappointing data for January, expenditures on non-residential construction have still increased by more than 17% over the past year."", said Basu."Considering this annual strength and the fact that most contractors expect an increase in their sales in the next six months, according to the ABC Construction Confidence Index, it is likely that spending will resume in the coming months."”