According to the October 31 reports on gross domestic product and construction spending from the Commerce Department, the nonresidential construction numbers were surprisingly good.
“Net of inflation, or real, investment in private nonresidential structures jumped 12% in the third quarter, the eighth straight quarter this investment category has outpaced gross domestic product growth,” said Ken Simonson, chief economist for the AGC. “You have to go back to the mid-1950s to find another period when private nonresidential construction was so persistently robust.”
In addition, a construction spending report released by the Census Bureau showed equally positive results. In September alone, both private and public nonresidential construction climbed 1.8%, equaling out to a 17% rise over the last 12 months.