Momentum Starts to Build in Third Quarter
Two consecutive quarters of meaningful growth has been a rarity for the U.S. economy since the recovery began in 2009. The dominant pattern has been one of good quarter, bad quarter, good quarter, bad quarter. The third quarter of 2014 marks an end to the inconsistency. The U.S. economy expanded at a 3.5 percent pace during the third quarter of 2014 on an annualized basis. This follows an expansion of 4.6 percent annualized in the second quarter. Despite concerns pertaining to the global economy, confidence is high regarding the U.S. outlook, and continued momentum seems likely.
- Momentum Starts to Build in Third Quarter
- Joe’s View – Insights from Marcum’s National Construction Industry Group Leader
- Exhibit 1. Nonresidential Construction Spending, September 2009 through September 2014 – GRAPH
- Exhibit 2. Construction Employment Growth in Twenty Largest U.S. Metropolitan Areas September 2013 v. September 2014, Not Seasonally Adjusted – CHART
- Third Quarter 2014 Performance – CHART