U.S. non-residential glass-related construction spending remains high.
According to glass industry information provider KMR, the value of non-residential building glass activity in April remained at a higher level than a year earlier.
From April 2022 to April 2023, spending on nonresidential glass and glazing activities increased at a seasonally adjusted annualized rate of nearly 21%.
KMR's spending data for glass and glazing activities are adjusted and modified from private and public construction spending data and apply proprietary weights and models to industry-relevant sub-sectors.
Overall nonresidential glass and glazing activity was up just over 1% from March.
Nick St. Denis, director of research at KMR, said, "As uncertainty hangs over much of the U.S. economy, non-residential construction remains sluggish and demand continues to show strength, with improving prices helping to drive these sharp year-over-year gains.
Residential Construction is contracting, but as far as U.S. glass contractors are concerned, growth in non-residential construction more than offsets the decline in multi-family dwellings."
Figure 1 The spending related to commercial glass and glazing events increased 27% year-over-year
Spending related to commercial glass and glazing events increased 27% year-over-year, with growth coming from all relevant subsectors, including hospitality, office, and others. Institutional glass and glazing activity improved by 13% as the healthcare and education building categories remained strong.
St. Denis said: "By the end of the year, we can look back on 2023 to be much more positive than expected. However, construction economists remain cautious towards the end of 2023 and 2024."
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