Where are We Now? Economist Looks at Construction Spending Changes Post Pandemic
On: July 29, 2021 | By:
Anirban Basu, chief economist for Associated Builders and Contractors (ABC), has some good news. Not only is nonresidential construction—a key market for glass and glazing products—up year-over-year in every region of the U.S., contractors have also gone from little to no backlog to 8.5 months of backlog, according to the ABC’s Construction Backlog Indicator. Basu shared this recently during his July 14 presentation, 2021 Mid-Year Construction Economic Update and Forecast webinar. He said while backlog is continuing to rise, construction spending in both the lodging and office sectors, two big markets for glass, are down. Lodging is down 33.7% since February 2020 and office construction spending is down 14.3% since the same time.
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