Construction Spending Carries Momentum into 2015
Issue 10 – Fourth Quarter 2014
Last year arguably represented the best year for the U.S. economy since the Great Recession ended. GDP expanded 2.4 percent for the year, and while that fell short of the 2.5 percent growth generated in 2010, that year was associated with a significant tailwind from the stimulus package passed by Congress one year earlier. There was no federal stimulus package last year, and the economy still managed to expand moderately. According to the Bureau of Economic Analysis, real gross domestic product (GDP) expanded 2.6 percent (seasonally adjusted annual rate) during the fourth quarter, following a 5.0 percent increase during the third. Investment in nonresidential structures increased by 2.6 percent on an annualized basis.
- Construction Spending Carries Momentum into 2015
- Joe’s View – Insights from Marcum’s National Construction Industry Group Leader
- Exhibit 1. Nonresidential Construction Spending, December 2009 through December 2014 – GRAPH
- Exhibit 2. Construction Employment Growth in Twenty Largest U.S. Metropolitan Areas, December 2013 v. December 2014, Not Seasonally Adjusted – CHART
- Fourth Quarter 2014 Performance – CHART