Commercial construction dropped in November at an annualized rate of -2.9%. This is the first time it's declined in the past year and a half—and this is despite the continuing tailwinds of the Infrastructure Act and the CHIPS Act. Perhaps the emptying of downtown office buildings is finally taking its toll?
4 thoughts on “Nonresidential construction drops 3% in November”
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The long and variable lags are coming due.
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I know a ton of jobs are at stake, but do we really need more new nonresidential construction when residential and infrastructure are way behind?
See: https://fred.stlouisfed.org/graph/?g=1dB67
Residential and nonresidential spending is converging and total employment in construction continues to grow.
Here's another way to look at the data: https://fred.stlouisfed.org/graph/?g=1dB6c