Private Work Remains Abundant while Public Work Stagnates
U.S. Economic Recovery Enters its Ninth Year
Issue 20 – Seconf Quarter 2017
If one were casting for the movie “The Tortoise and the Hare,” the U.S. economy would be a favorite to play the tortise. For the most part, economic growth remains slow, but persistent.
Perhaps comparing the U.S. economy to a turtle is a bit harsh. Based on recently revised data characterizing gross domestic product, by expanding 2.9 percent in 2015, the U.S. economy came close to the magical 3 percent threshold; a threshold it has failed to cross since 2005. In 2014, the U.S. economy expanded 2.6 percent.
- Private Work Remains Abundant while Public Work Stagnates
- Joe’s View
- Exhibit 1. Nonresidential Spending, June 2017 – CHART
- Exhibit 2. Construction Employment Growth, 20 Largest U.S. Metropolitan Areas, June 2016 v. June 2017 – CHART
- Exhibit 3. Nonresidential Construction Spending, June 2015 through June 2017 – GRAPH
- Second Quarter 2017 Performance – CHART