The value of nonresidential architectural glass- and glazing-related construction remained higher in July compared to the previous year, according to Key Media & Research (KMR), a leading information provider to the glass industry.
Glass and glazing activity in nonresidential building projects increased just under 12% from July 2022 to July 2023 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 virtually flat from June to July.
“Once again, we witnessed a double-digit percentage increase in July compared to the previous year but very little change from the previous month,” says Nick St. Denis, KMR’s director of research. “As the year goes on, the strong year-over-year growth rates will continue to edge down slightly while the monthly changes remain subdued. This supports our expectation of a slower 2024 following a better-than-expected 2023.”
Commercial glass and glazing-related spending increased by 13% year-over-year, with growth coming from all relevant subsectors, including hotel, office and others. Institutional glass and glazing activity improved by 10%, as the healthcare and educational building categories each saw double-digit percentage growth.
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.