...and every thing's going to be all right. Ok, so I might be a little on the optimistic side and potentially making a mountain out of a molehill, but it's good news on this Friday.
According to Action Economics' March Construction Spending Report the figures contained in the report reverse the pessimistic view for non-residential construction. It has become evident that February (0.6%) and March (1.9%) experienced gains in non-residential construction spending while December (0.2%) and January (0.1%) only saw minimal dips.
The report when on to state: "This dramatic change in direction has substantially trimmed recession risk, as the earlier reported turn in this measure of business fixed investment was seen as a signal of a broader switch in direction for business spending overall. The turn may still unfold, but there is no longer evidence of it in the official figures beyond a temporary blip in growth for this measure for two months ending in January."
Despite the positive notes for non-residential construction, residential construction continues to substantially weaken.
Commercial contractors aren't back to 06-07 levels, but remember those were some of the most successful years ever, and two months worth of modest growth doesn't signal a continued significant increase in construction spending. However, it does seem to point to facts that indicate the industry is thriving despite what picture some may want to paint.
Here Comes the Sun
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