ABC recently highlighted figures from the U.S. Census Bureau showing nonresidential construction spending across the country in August reached a record high. In total, more than $760 billion was spent in the sector that month, which is up more than eight percent over the same month last year. ABC Chief Economist Anirban Basu says the figures represent an ongoing trend of positive news in nonresidential construction, a trend that has been forecast by additional data gathered by the organization.
In addition to increasing property values, Basu also pointed to a strong economic climate, increasing materials costs, and better paying jobs for construction workers as additional spending indicators. All those factors considered, he says, the short-term future of the industry looks bright.
