Nonresidential construction spending predicted to expand 5.2% in 2013
Associated Builders and Contractors (ABC) reports that the nation’s construction materials prices fell 1.1 percent in November — the largest monthly decrease since February 2009 — according to the producer price index report by the U.S. Department of Labor. However, prices are 1 percent higher than the same time last year.
In a 2013 construction forecast released Dec. 4, ABC Chief Economist Anirban Basu predicted nonresidential construction spending to expand 5.2 percent next year, with much of the expansion coming from privately financed projects.
Nonresidential construction materials prices dipped 1.3 percent for the month, but are up 0.6 percent on a year-over-year basis, according to the ABC report.
“With the elections now behind us, the hope is the White House and Congress will be able to successfully navigate the nation past its fiscal cliff,” Basu said in a press release. “If that happens, the latter half of 2013 could be surprisingly good for nonresidential activity given the large volume of construction projects that were put on hold during the course of 2012. However, the baseline forecast calls for only moderate expansion in nonresidential construction spending next year.”
Chart source: Associated Builders and Contractors.
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