Nonresidential construction spending, which totaled $763.8 billion on a seasonally adjusted annual rate for October, increased 0.1% and is a 7.3% increase over the same time last year
WASHINGTON, Dec. 4—Associated Builders and Contractors Chief Economist Anirban Basu forecasts another strong year for construction sector performance, yet warns about inflationary pressures, according to a 2019 economic outlook published today in Construction Executive magazine.
Nonresidential construction spending, which totaled $767.1 billion on a seasonally adjusted annual rate for September, fell 0.3% but remains historically elevated and increased 8.9% on a year-ago basis.
According to data released last month by the US Bureau of Labor Statistics, the national construction industry added 23,000 net new jobs in September, following 23,000 in August, 18,000 in July, 13,000 in June and 29,000 in May.
U.S. construction starts will hold steady in 2019 after a modest 3% uptick in 2018, according to the 2019 Dodge Construction Outlook. Starts are expected to hit $808.3 billion, only 0.2% higher than 2018’s $806.8 billion.
Nonresidential construction spending, which totaled $762.7 billion on a seasonally adjusted annual rate for August, is up 0.1% from July, and up 5.3% for the first 8 months of 2018.
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