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Construction Spending on the Rebound: Part 2

Construction Spending on the ReboundIn my last blog article, Construction Spending on the Rebound, I took a close look at the economic state of the construction industry, and asked the following question: “Do you believe we are on the cusp of an economic boom?”

According to the numbers released in July 2013 by the United States Census Bureau, the answer is no.

While everyone in the non-residential construction market has felt a slight recovery, when you look at the numbers, you quickly realize we still have a long way to go. When construction was strong prior to the recession, non-residential monthly construction put-in-place dollars were between $350 and $410 million. Since that time, we reached more than $300 million put-in-place dollars in just four months (September, October, November, and December 2012), but have now fallen below that mark for the past seven consecutive months.

The recovery is forecasted to uptick by 7.2 percent in 2014, yet it does not appear we are going to see a major boom in the foreseeable future. Even though hotels and office buildings look to be ahead of the curve, markets like healthcare and industrial will see very modest increases going into 2014.

Yes, the outlook is better, but we still need to stay focused on providing the most value to our clients, or we run the risk of being left behind.