Architectural glass-related nonresidential construction spending increased in April compared to a year ago. The value of glass and glazing-related activity was up by 5.4% year-over-year on a seasonally adjusted annualized basis, according to Key Media & Research (KMR), a leading information provider to the glass industry.
KMR uses proprietary weighting and models applied to industry-relevant subsectors, including public and private construction spending data.
“The good news is that the year-over-year change in spending has been positive for several months now, but the bad news is it’s still behind the rate of inflation of materials and services related to the industry,” says Nick St. Denis, KMR’s director of research. “The hope is that architectural glass-related construction spending continues its rate of year-over-year increase as we move through 2022, and the rate of inflation at the very least begins to tick down.”
Commercial glass and glazing-related spending increased by 10% with the help of a still-growing office building segment and a major spike in the “other” commercial category. Hotel activity continues its significant decline year-over-year, though it is becoming less severe as the months go on.
The value of activity on the institutional side was mostly flat, with an increase in healthcare building again offsetting a decline in educational construction.
On a month-to-month basis, overall nonresidential glass and glazing activity edged down by a half-percent, with a larger declines in institutional compared to commercial.
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.