Nonresidential glass- and glazing-related construction spending declined again in September compared to a year ago. Activity fell by 3.3% year-over-year on a seasonally adjusted annualized basis, according to Key Media & Research (KMR), a leading information provider to the glass industry.
KMR’s glass and glazing activity figures are adapted and modified from public construction spending data, with proprietary weighting and models applied to industry-relevant subsectors. “Spending” and “activity” are used interchangeably and represent the value of ongoing glass-relevant construction during a particular time period.
The ongoing decline in commercial glazing activity appears to be less severe as the year goes on, as spending in this sector decreased at a rate of less than 1%. The lodging category continued its dramatic decline with a near 34% drop and office was down by just over 4%, but the “other” commercial subcategory saw a double-digit increase of just over 10%.
While the commercial downturn seems to be softening, the institutional segment of glass-related construction spending is lagging with a dip of roughly 6%. The educational category was down 7%, though healthcare building saw a moderate 2% bump up.
On a month-to-month basis, overall nonresidential glass and glazing activity saw a 0.2% decline, another indicator that better months are ahead as 2021 closes and 2022 kicks off.
Nick St. Denis is the director of research for Key Media & Research, parent company of USGlass magazine and USGNN™. For more detailed insights, subscribe to his free quarterly glass and glazing update HERE.