November 29, 2012
Marcum's Construction Industry Group Featured in Hartford Business Journal Article "Commercial Construction Recovery Lagging"
U.S. investment in nonresidential construction declined 4.4 percent in the third quarter, according to the debut edition of the Marcum Commercial Construction Index.
Marcum, a national accounting firm based in New York City with its construction division in New Haven, launched the index to help clients make better business decisions. It focuses on U.S. nonresidential construction.
The index found year-over-year national nonresidential construction spending rose 2.6 percent in the third quarter, significantly behind the 19 percent growth in U.S. residential construction.
Despite the slowdown, some areas of the construction industry showed rapid year-over-year recovery in the third quarter, including a 25 percent increase in lodging construction, 19 percent in power construction and 11 percent in transportation.
These gains could result in a positive latter half of 2013, if the federal government can navigate past the fiscal cliff, said Anirban Basu, the chief construction economist for Marcum.