Spending in nonresidential architectural glass- and glazing-related construction remained higher in May compared to a year ago, though it shows signs of slower growth than in recent months.

The value of nonresidential glass and glazing activity increased by 11% from May 2022 to May 2023 at a seasonally adjusted annualized rate, according to Key Media & Research (KMR), a leading information provider to the glass industry.

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 down 0.4% from April.

“Despite a strong year-over-year increase of more than 10% in May, there are some signals of a potential slowdown looming for glass industry-related construction,” says Nick St. Denis, KMR’s director of research. “The percentage increase from May 2022 to May 2023 was notably lower than in April. Additionally, the value of activity actually declined slightly month-over-month from this April to May.

“Given the large rates of growth we’ve seen in recent years, some moderation in industry activity was inevitable, and we could see that play out over the next several quarters. At the same time, any contraction is likely to be mild, and we are still operating at elevated and healthy levels.”

Commercial glass and glazing-related spending increased by 13% year-over-year, with growth coming from all relevant subsectors, most notably hotel construction. Institutional glass and glazing activity improved by 8%, with continued strength in the healthcare and educational building categories.

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.

Leave a Reply

Your email address will not be published. Required fields are marked *