Construction spending 2024 through July is still on track to finish the year up 7.7%. Residential is forecast up 8.5%, Nonresidential Buildings up 6.0% and Non-building up 8.9%. <\/p>\n
We still have 3 or 4 more months of slightly declining construction spending, driven mostly by residential, but also by Manufacturing. This is not a long term trend. Sit tight. Oct or Nov, trend tuns back up. You can see the dip in this Current $ spending plot.<\/p>\n Construction spending total for 2024 expected up 7.7%. With inflation at a 4yr low (3%-4%), the amount of spending that is real volume growth is up this year, highest since 2016. It just edge out 2020.<\/p>\n I\u2019m forecasting residential construction spending total for 2024 at $952b ,+8.5%. But three other indicators I calculate to compare to my forecast are telling me it could come in between $960b and $970b. I\u2019m leaning towards higher, but I\u2019d like to see Aug data, and Sept data.<\/p>\n And then there\u2019s this. Census SAAR avg YTD (the average of the reported rsdn monthly SAAR for the 1st 7 months) is $939b. My YTD SAAR avg is $964b. Some down months will lower that slightly by year-end. .<\/p>\n Statistically, YTD spending through July for Rsdn and Nonres Bldgs is 57% of the total annual $ spent. This is indicating year-end total $ for residential will be $963b and $744b for Nonres Bldgs.<\/p>\n More to come.<\/p>\n<\/p><\/div>\n <\/p>\n \t<\/p>\n<\/div>\n![\"-\"](\"https:\/\/essential.construction\/news\/wp-content\/uploads\/sites\/15\/2024\/09\/spending-ytd-2024-07-by-markets-2022-2025-9-3-24.jpg\")
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