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Private, Nonresidential Construction Spending Outlook Good
The outlook for private nonresidential construction spending remains upbeat, according to the Marcum Commercial Construction Index for the first quarter of
“Business confidence is in the 97th percentile, unemployment is near a 10-year low, and the Consumer Confidence Index has not been this high since December 2000,” wrote Anirban Basu, Marcum’s chief construction economist and author of the report.
“This all bodes well for the U.S. construction sector, which stands to benefit from a combination of consumer and business spending growth.
“Although nonresidential construction spending fell on a monthly basis in March, it remains a largely positive indicator. February’s nonresidential construction spending value of $717 billion… is the highest total since the Census Bureau began tracking the indicator.”