New Construction

New Construction
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Thought I'd share an indicator that was updated within the last week: U.S. office construction.  I access the data via FRED.  A couple of notes: 

  • New construction only sources 20-25% of pro AV spending, so don't weight it TOO heavily. It's only an indicator for certain types of projects, not maintenance, refurb, refresh, etc!
  • The post-pandemic office construction spending recovery appears to have stalled.
  • BUT it never fell that much in the first place! Peak to trough was about a 16% fall, compared to 50% from the Great Recession.  Current levels of monthly spending are about the same as we saw in early 2019.  That's a good level!