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Architectural glass- and glazing-related construction spending was notably higher at the end of the first quarter of 2023 than the same time last year, according to Key Media & Research (KMR), a leading information provider to the glass industry.
As of March 2023, the value of nonresidential glass and glazing activity was up 17% from the same period a year ago at a seasonally adjusted annualized rate.
KMR’s glass and glazing spending 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 nearly flat from February.
“The primary building segments for glass-related construction continue to show strength,” says Nick St. Denis, KMR’s director of research. “Improved pricing may be a key driver in these increases, but the work volume seems stable among glazing contractors. On a monthly basis, levels have been steady through the first part of the year.
“While there may be some slowdown later in the year and into 2024, year-over-year growth in 2023 may be slightly higher than anticipated.”
Commercial glass and glazing-related spending increased by 23% year-over-year. Office construction, lodging and the remaining commercial sectors saw upticks of 15% to 38%.
Institutional glass and glazing activity improved by 11%, with the healthcare and educational building categories increasing by that same percentage.
Nick St. Denis is the director of research for Key Media & Research, parent company of USGlass magazine and USGNN™. For detailed insights, subscribe to his free quarterly glass and glazing update HERE.
