Nonresidential Construction Recovery Restrained by Public Funding
Issue 3 – First Quarter 2013
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.
- Nonresidential Construction Recovery Restrained by Public Funding
- Joe’s View – Insights from Marcum’s National Construction Industry Group Leader
- Exhibit 1. Nonresidential Construction Spending, January 2009 through March 2013 – GRAPH
- Exhibit 2. Construction Employment Growth in 20 Largest US Metropolitan Areas, March 2013 v. March 2012 – CHART
- First Quarter 2013 Performance – CHART