This article first appeared in the 200104
issue of BD+C.
While growth in most sectors of the U.S. economy slowed over the second half of last year, the component of GDP that captures economic activity involving nonresidential construction work continued to grow at a healthy rate. This was in marked contrast to the trends that prevailed in late 1998 and throughout 1999.
Fixed private nonresidential investment for "structures"-in contrast to business investment in equipment and software-rose at a seasonally adjusted annualized rate of 8.8 percent during the final quarter of last year, after growing at an even-stronger 14.6 percent rate during the third quarter.
