Architectural glass- and glazing-related construction began the year strongly, according to Key Media & Research (KMR), a leading information provider to the glass industry.
Nonresidential glass and glazing activity saw its fourth straight month of double-digit-percentage growth in January, with a near-16% increase from the same time a year ago, at a seasonally adjusted annualized rate.
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 just under half a percent from December.
“The first month of the year was a continuation of what we witnessed at the end of 2022—a resilient industry that is going strong amidst an otherwise uncertain economy,” says Nick St. Denis, KMR’s director of research. “As we’ve noted in recent reports, a steady volume of work, sturdy backlogs and improved pricing has contributed to the growth over the past year for glazing contractors. Sentiment remains positive in the near-term, though a potential slowdown looms in late 2023 into 2024.”
Commercial glass and glazing-related spending increased by nearly 22% year-over-year. Office construction, lodging and the remaining commercial sectors all witnessed big upticks.
Healthcare and educational building activity showed lesser but still strong gains as institutional glass and glazing activity increased by just under 9%.
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.