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Commercial Construction Index
Issue 3
FIRST QUARTER 2013

Nonresidential Construction
Recovery Restrained by Public Funding
The U.S. economy outperformed expectations during the first quarter, led by a combination of rising stock prices and household wealth, an improving housing market, steady auto sales and engaged consumers. Admittedly, expectations coming into the quarter were low given increased taxes and what turned out to be legitimate concerns regarding sequestration. According to preliminary estimates, the economy expanded 2.5 percent on an annualized basis during 2013’s initial three months, much better than the 0.4 percent annualized growth posted during 2012’s final quarter.




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Table of Contents
   
Nonresidential Construction Recovery Restrained by Public Funding 1

Joe’s View - Insights from Marcum’s National Construction Industry
Group Leader		 2

Exhibit 1. Nonresidential Construction Spending, January 2009 through
March 2013 - GRAPH		 2

Exhibit 2. Construction Employment Growth in 20 Largest US
Metropolitan Areas, March 2013 v. March 2012 - CHART		 3

First Quarter 2013 Performance - CHART 4

Issue 2
FOURTH QUARTER 2012

Nonresidential Construction
Sector Flat in Fourth Quarter
The combination of electoral uncertainty, fears of a fall off the fiscal cliff, a sharp decline in defense outlays and negative adjustments to inventory produced a shrinking U.S. economy during last year’s final quarter. Real gross domestic product decreased 0.1 percent at a seasonally adjusted annual rate in the fourth quarter, ending a growth streak for the U.S. economy that spanned 13 quarters. Overall annual economic growth tallied 2.2 percent in 2012, following a 1.8 percent annual increase in 2011.




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Table of Contents
   
Nonresidential Construction Sector Flat in the Fourth Quarter 1

Joe’s View - Insight’s from Marcum’s National Construction Industry Group Leader 2

Exhibit 1. Monthly Nonresidential Construction Employment, January 2009 through December 2012 - GRAPH 2

Exhibit 2. Architecture Billings Index, December 2007 through December 2012 - GRAPH 2

Fourth Quarter 2012 Performance - CHART 3

Issue 1
THIRD QUARTER 2012

Nonresidential Construction’s
Recovery Has Stalled
During the third quarter of 2012, the U.S. economy expanded for a 13th consecutive quarter. Unfortunately, nonresidential construction has not been among the economic segments experiencing meaningful recovery. While the broader economy expanded at a 2 percent annualized rate during the third quarter, due in part to ongoing consumer spending growth, nonresidential investment declined 4.4 percent on an annualized basis following a modest 0.3 percent gain during the second.




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Table of Contents
   
Nonresidential Construction's Recovery Has Stalled 1

Joe’s View - Insight’s from Marcum’s National Construction Industry Group Leader 2

Exhibit 1. Monthly Nonresidential Construction Spending Growth, October 2009 through September 2012 - GRAPH 2

Exhibit 2. Architecture Billings Index, December 2007 through September 2012 - GRAPH 2

Third Quarter 2012 Performance - CHART 3

 

CONSTRUCTION UPDATES
May 7, 2013
Nonresidential Construction Recovery Restrained in First Quarter, Construction Employment Improves
May 1, 2013
Joseph Natarelli, National Construction Industry Leader & Partner-In-Charge of the New Haven Office, Featured in Construction Business Owner Article "Examining Your Financials: Ask the Experts"
April 16, 2013
Gregory DeStefano, Assurance Services Partner and James Miller, Assurance Services Senior Manager, Article "How Internal Controls Help Construction Contractors" Featured In Construction Accounting and Taxation
February 11, 2013
Marcum Commercial Construction Index Finds Nonresidential Construction Sector Flat in Fourth Quarter
December 31, 2012
Joseph Natarelli, National Construction Industry Leader & Partner-In-Charge of the New Haven Office, Article “Vacancy Rates a Drag on Construction Sector” Featured in Hartford Business Journal’s Metro Hartford Trends Report
December 26, 2012
Marcum's Construction Industry Group Featured in Construction Digital Article "Marcum LLP Launches Commercial Construction Index"
December 10, 2012
Anirban Basu, Marcum LLP's Chief Construction Economist, Quoted in Globest.com Article "Construction Numbers Take a Wrong Turn"
December 3, 2012
Marcum’s Construction Industry Group Featured in AccountingToday Article "Marcum Begins Tracking Commercial Construction"
November 29, 2012
Marcum’s Construction Industry Group Featured in Hartford Business Journal Article "Commercial Construction Recovery Lagging"
November 29, 2012
Marcum’s Construction Industry Group Featured in Newsday Article "U.S. Nonresidential Construction Fell in 3Q"
November 29, 2012
Marcum LLP Launches Commercial Construction Index; Third Quarter Investment Declines 4.4%
November 2, 2012
Anirban Basu, Marcum LLP’s Chief Construction Economist & Joseph Natarelli, National Construction Industry Leader & Partner-In-Charge of the New Haven Office, Quoted in the Hartford Business Journal Article "CT’s Slumping Economy Deepens Cons
October 17, 2012
Marcum LLP Names Anirban Basu Chief Construction Economist
August 10, 2012
Joseph Natarelli, National Construction Industry Leader & Partner-In-Charge of the New Haven Office, Featured in WSJ.com Article "Commercial Construction Seeing Slow Recovery"
December 1, 2011
2011 AICPA National Construction Industry Conference
October 13, 2011
Important Changes Ahead for Employers with Multi-employer Pension Plans
February 7, 2011
New Revenue Recognition Rules are Coming - What's Next for the Construction Industry
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