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Economist: U.S. economy and nonresidential construction sector in a ‘holding pattern’
Posted By Tina Grady Barbaccia On September 4, 2012 @ 1:00 pm In Aggregates Insider | No Comments
Despite a 0.9-percent drop in construction spending in July — including both residential and non-residential building — spending is up 9.3 percent year-over-year, according to the Associated Builders and Contractors (ABC) report , citing the U.S. Census Bureau’s Sept. 4 numbers.
Non-residential construction spending dropped 0.6 percent in July, according to the report. Outlays for July slipped to a seasonally adjusted annual rate of $563.2 billion per year, with year-over-year total non-residential spending reported seeing a 5.7-percent increase, according to ABC.
ABC Chief Economist Anirban Basu says that, for now, the U.S. economy and nonresidential construction sector appear to be in a “holding pattern.”
“In previous months, there was a well-established pattern of private construction spending gains offset by public construction spending losses,” Basu says in a written statement. “That pattern is no longer in place.
Despite a 0.9-percent drop in construction spending in July — including both residential and non-residential building — spending is up 9.3 percent year-over-year.
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URL to article: http://www.aggman.com/economist-u-s-economy-and-nonresidential-construction-sector-in-a-holding-pattern/
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 Image: http://www.aggman.com/files/2012/09/Total-non-residential-construction-spending-July-2009-July-2012.jpg
 Associated Builders and Contractors (ABC) report: http://www.abc.org/Hot_Links/ConstructionEconomicsIndex/ConstructionEcoArchive/Spending_September_2012.aspx
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