Manufacturing-related construction spending is up 58.2% since the start of the COVID-19 pandemic in spring 2020, according to a new report from firm Marcum LLP.
That figure is significantly above the 6.6% increase in overall nonresidential spending, and the trend may continue this year, according to the report.
“Given the scale and anticipated duration of many of these large-scale projects, the segment should retain momentum throughout 2023,” wrote Anirban Basu, Chief Construction Economist at Marcum LLP.
Permits for new residential construction were 27.3% lower in January 2022 than the year before, according to the report. Permits for construction of new one-unit housing structures have dropped for 10 straight months. Existing home sales fell 38.1% during 2022, the report states.
Read more about the report here.
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