Construction Economist Anirban Basu Predicts Strong 2014 at Marcum Commercial Construction Summit
New York City, NY — Anirban Basu, Chief Construction Economist at Marcum LLP and Chairman of the Sage Policy Group, predicts that construction productivity and profit margins will strengthen significantly in 2014. Mr. Basu’s remarks were delivered during his keynote address at the Marcum Commercial Construction Summit in New Haven, Connecticut, yesterday. Marcum, a top national accounting and advisory firm, co-produced the event with CT ABC and CFMA of Connecticut.
“Construction backlogs are getting lengthier, and profit margins are getting fatter,” Mr. Basu said. “Northeast contractors are getting busier and, therefore, are enjoying more pricing power.”
“While the U.S. economy was flat in the January to June period, we anticipate economic expansion of 2 percent during the second half of this year. Industry expansion will be driven largely by continued growth in lodging, hotel and shopping center construction, which reflects the recent increase in discretionary consumer spending,” Mr. Basu said.
|Anirban Basu and Joseph Natarelli|
The Marcum Commercial Construction Summit provided construction contractors, finance and accounting professionals an update about the economic state of the industry from leading experts, and a tutorial on what they need to prepare for the impending recovery. Over 200 industry professionals from across New England participated.
“The good news is that recovery is beginning to show signs of life, and the outlook for the construction industry is more optimistic now than it was a year ago,” said Joseph Natarelli, National Leader of Marcum’s Construction Industry Practice Group and Partner-in-Charge of the Firm’s New Haven office. “The Summit gave our clients another tool they can use to help manage their businesses and prepare for a return to growth.”
Marcum LLP’s Construction Services Group provides accounting, audit, consulting and taxation services to construction clients ranging from start-ups to multi-billion-dollar enterprises. The Firm’s technical experts serve on many industry boards and committees and regularly contribute to construction conferences and publications. For the most recent Marcum Commercial Construction Index.
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