Recent figures from the Associated General Contractors of America indicated there has been sustainable, strong, year-over-year growth rates for the U.S. construction industry.
Activity in November sustained steady growth for the industry, despite a slight decline in spending. The month showed a strong year-over-year growth rate for all of the main categories in the construction industry, including private residential, residential, public construction, lodging construction, manufacturing and multifamily.
Analysts and experts, however, said the latest spending data proves there is still ongoing insecurity in the private sector. The main concern is the demand for projects, which conflicts with budget limits from state and local government leaders.
“The November data show divergent (month-to-month) trends for residential, private nonresidential and public construction,” Ken Simonson, the association's chief economist, said. “Compared to October levels, spending dipped overall, but climbed for homebuilding, school and office construction. Previously fast-growing categories such as multifamily, manufacturing and lodging construction have stalled for the past two to four months, yet nearly every type of construction has outperformed its 2014 pace through the first 11 months of 2015.”
Industry leaders hope the growth continues throughout the upcoming year.
“The question we hope to answer is whether demand will continue to grow in 2016 given some of the headwinds our economy is currently facing,” Stephen Sandherr, the association’s CEO, said.
More Stories
- ARIZONA DEPARTMENT OF TRANSPORTATION: Governor Ducey issues Executive Order further extending expiration of driver licenses
- AMERICAN AIRLINES: Cleaning with a Purpose, American Airlines Earns GBAC STAR Accreditation from the Global Biorisk Advisory Council
- AIRLINES FOR AMERICA: Statement from A4A President and CEO Nicholas E. Calio
- ARIZONA DEPARTMENT OF TRANSPORTATION: ADOT distracted driving campaign raises awareness
- ARIZONA DEPARTMENT OF TRANSPORTATION: Drivers get break from state highway closures through early January
- AMERICAN AIRLINES: American’s AAdvantage Program Reveals Elite Choice Rewards for Platinum Pro and Executive Platinum Members
- ARIZONA DEPARTMENT OF TRANSPORTATION: Donor Network of Arizona honors two MVD employees with awards
- AMERICAN AIRLINES: American Airlines Names Meghan Montana Vice President and Treasurer
- ALBERTA TRANSPORTATION: Building roads to economic recovery
- AIRLINES FOR AMERICA: Airlines for America Applauds the Department of Transportation’s Final Rules on Traveling by Air with Service Animals