Glass and glazing activity ended 2022 on a high note, according to Key Media & Research (KMR), a leading information provider to the glass industry.
Architectural glass-related nonresidential construction spending saw its third straight month of double-digit percentage growth in December, increasing by 14% from the same time a year ago.
KMR’s glass and glazing activity figures are adapted and modified from private and public construction spending data, with proprietary weighting and models applied to industry-relevant subsectors.
On a month-to-month basis, overall nonresidential glass and glazing activity was down by half a percent from November.
“The fourth quarter was a strong one for the industry in 2022,” says Nick St. Denis, KMR’s director of research. “All major nonresidential construction subsectors relevant to glass showed significant improvement from the previous year. It is worth noting that material price hikes throughout 2022—particularly in the first half—are trickling into the overall spending numbers. But while pricing has some effect on the increase in the value of the activity, there also appear to be consistent levels of volume among glazing contractors, based on reported backlog and general sentiment.
“This is all positive, and while we expect continued increases in 2023, the rate of increase should pull back a bit, and even slower growth is likely in 2024.”
Commercial glass and glazing-related spending increased by nearly 19% in December year-over-year. Office construction showed strong gains, while lodging and the remaining commercial sectors spiked by even higher rates.
Healthcare and educational building activity were also on the upswing, urging institutional glass and glazing activity to increase by just over 8%.
Nick St. Denis is the director of research for Key Media & Research, the parent company of USGlass magazine and USGNN™. For more detailed insights, subscribe to his free quarterly glass and glazing update HERE.