The value of architectural glass- and glazing-related construction activity is still elevated compared to the start of last year, according to Key Media & Research (KMR), a leading information provider to the glass industry.
As of February 2023, nonresidential glass and glazing spending remains nearly 16% higher than during the same period 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 virtually unchanged from January.
“The February numbers were more of the same, with major glass-relevant subsectors on par with the previous month and notably higher than the previous year,” says Nick St. Denis, KMR’s director of research. “Since these figures are annualized, they should remain elevated for several months. We could see some contraction near the end of the year and into 2024, but there is still reason to be cautiously optimistic, as industry firms reported healthy backlogs at the start of the year.”
Commercial glass and glazing-related spending increased by 22% year-over-year. Office construction, lodging and the remaining commercial sectors all expanded substantially.
Institutional glass and glazing activity strengthened by 9%, with the healthcare and educational building categories showing strong growth.
Nick St. Denis is the director of research for Key Media & Research, the parent company of USGlass magazine and USGNN™. For detailed insights, subscribe to his free quarterly glass and glazing update HERE.