While construction has been one of the pockets of strength in the U.S. economy, recent figures in declining spending and construction payrolls has raised the question whether the building boom slowdown is just a blip or something that will be longer lasting and a drag on the economy.
Last year the construction industry experienced 10% growth spurred by housing and office construction. However, its possible that last year's building boom could have saturated the market causing this year's slowdown.
Construction payrolls are also feeling the slowdown. The number of people employed in the construction industry dropped by 22,000 since the March post-recession high of 6.7 million. It was the first time the job count had dropped in 22 straight months.
