Tuesday, October 22, 2013
It's old news by now, but construction spending was up again in August. Residential construction spending gained 18% over the previous year, while nonresidential spending was up only 1.3%. Total spending turned in a respectable gain of 7% in the 12 months ending August.
After more than 5 years of wrenching retrenchment, the construction sector is now almost three years into its long-awaited recovery and once again contributing to overall economic growth. Sure, things could be better, but with time they most likely will be. Modest/moderate improvement is a lot better than no improvement at all.
Posted by Scott Grannis at 11:33 AM