Might As Well Forecast the Weather
Issue 7 – First Quarter 2014
Any momentum garnered during the final sixth months of 2013 was stymied by the brutal winter of 2013-14. According to the preliminary estimate from the Bureau of Economic Analysis, the U.S. economy expanded at a 0.1 percent pace during the year’s initial quarter. That estimate is subject to revision and could conceivably be revised into negative territory. Thankfully, most economic indicators indicate that both consumer spending and total production have already rebounded from their sluggish first quarter pace. Unfortunately, indications of forward momentum in nonresidential construction spending have been scarcer.
- Might As Well Forecast the Weather
- Joe’s View – Insights from Marcum’s National Construction Industry Group Leader
- Exhibit 1. Nonresidential Construction Spending, March 2009 through March 2014 – GRAPH
- Exhibit 2. Construction Employment Growth in the 20 Largest US Metropolitan Areas, March 2014 v. March 2013 – CHART
- First Quarter 2014 Performance – CHART