Nonresidential Construction’s Recovery Has Stalled
During the third quarter of 2012, the U.S. economy expanded for a 13th consecutive quarter. Unfortunately, nonresidential construction has not been among the economic segments experiencing meaningful recovery. While the broader economy expanded at a 2 percent annualized rate during the third quarter, due in part to ongoing consumer spending growth, nonresidential investment declined 4.4 percent on an annualized basis following a modest 0.3 percent gain during the second.
- Nonresidential Construction’s Recovery Has Stalled
- Joe’s View – Insights from Marcum’s National Construction Industry Group Leader
- Exhibit 1. Monthly Nonresidential Construction Spending Growth, October 2009 through September 2012 – GRAPH
- Exhibit 2. Architecture Billings Index, December 2007 through September 2012 – GRAPH
- Third Quarter 2012 Performance – CHART