Steel Markets
June 1, 2021
AGC: April Nonresidential Construction Drops to a Two-Year Low
Written by David Schollaert
Nonresidential construction spending hit a two-year low in April, down for a fifth consecutive month due to supply-chain woes and soaring costs, according to the Associated General Contractors of America (AGC). Extended delivery and production times as well as fast-rising materials prices caused demand to wane across several public and private project categories.
“Both public and private nonresidential spending overall continued to shrink in April, despite a pickup in a few spending categories from March,” said Ken Simonson, AGC’s chief economist. “Ever-growing delays and uncertainty regarding backlogs and delivery times for key materials, as well as shortages and record prices, are likely to make even more project owners hesitant to commit to new work.”
