Private and Public Nonresidential Construction Continues Sluggish Growth
Issue 5 – Third Quarter 2013
The U.S. economy has now entered its fifth year of economic recovery. During the recently completed third quarter, the U.S. economy expanded again, this time at a 2.8 percent annualized rate – well ahead of expectations. This GDP release, however, represents the last piece of information regarding U.S. output and nonresidential fixed investment that is untouched by the federal government shutdown in October and the most recent debt ceiling debate. Of course, September economic activity could have been impacted by rising uncertainty as the October 1st budgetary deadline approached.
- Private and Public Nonresidential Construction Continues Sluggish Growth
- Joe’s View – Insights from Marcum’s National Construction Industry Group Leader
- Exhibit 1. Nonresidential Construction Spending, March 2009 through July 2013 – GRAPH
- Exhibit 2. Construction Employment Growth in 20 Largest US Metropolitan Areas, August 2013 v. August 2012 – CHART
- Third Quarter 2013 Performance – CHART