The value of nonresidential architectural glass building activity remained at elevated levels in April compared to the previous year, according to Key Media & Research (KMR), a leading information provider to the glass industry.
Nonresidential glass and glazing spending increased nearly 21% from April 2022 to April 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 up just over 1% from March.
“As uncertainty hangs over much of the U.S. economy, the nonresidential construction sector is still chugging along,” says Nick St. Denis, KMR’s director of research. “Volume of demand continues to show strength, and improved pricing is helping drive these large year-over-year increases. Residential construction is contracting, but as far as U.S. glazing contractors are concerned, growth in nonresidential is doing more than enough to offset impacts from a decline in multifamily.”
Commercial glass and glazing-related spending increased by 27% year-over-year, with growth coming from all relevant subsectors, including hotel, office and others. Institutional glass and glazing activity improved by 13%, as the healthcare and educational building categories remain strong.
“At year’s end, we could be looking back at a much more positive 2023 than anticipated when we entered the year,” says St. Denis. “However, construction economists still view late 2023 and 2024 with caution.”
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.