Nonresidential Construction Primed for Strong Second Half in 2014
Issue 8 – Second Quarter 2014
The economy appears to be back on track after a brutal winter derailed recovery efforts in the first quarter. According to the preliminary estimate from the Bureau of Economic Analysis, the U.S. economy expanded at a 4.0 percent pace during the second quarter of 2014 on an annualized basis. Robust second quarter growth was primarily driven by higher consumer and business spending as well as by an uptick in inventory investment. However, the data appear far less inspiring when one considers the first half of the year, which only saw 1 percent growth on an annualized basis. That said, the rebound from the dismal first quarter was broad-based; Federal Government spending was the only segment that contracted during the second quarter.
- Nonresidential Construction Primed for Strong Second Half in 2014
- Joe’s View – Insights from Marcum’s National Construction Industry Group Leader
- Exhibit 1. Nonresidential Construction Spending, June 2009 through June 2014 – GRAPH
- Exhibit 2. Construction Employment Growth in the 20 Largest US Metropolitan Areas, June 2014 v. June 2013 – CHART
- Second Quarter 2014 Performance – CHART