Non-residential construction weak

Nov. 5, 2008
reports from the U.S. Census Bureau on construction spending in September and the National Association for Business Economics (NABE) on third-quarter activity indicate that “Nonresidential construction is on the verge of a potentially long slide.”

According to Ken Simonson, chief economist for The Associated General Contractors of America (AGC), reports from the U.S. Census Bureau on construction spending in September and the National Association for Business Economics (NABE) on third-quarter activity indicate that “Nonresidential construction is on the verge of a potentially long slide.”

“The Census figures show nonresidential spending eked out a gain in September of 0.1%,” Simonson said. “But private nonresidential spending was down nearly 1% from its high-water mark in June, while public spending tumbled 1.3% in September alone.

“Contractors have been reporting that developers put lots of projects on hold because of the credit freeze and weakening demand for stores, offices and other facilities,” Simonson added. “Meanwhile, states [have] had to postpone construction bond issues or defer budgeted projects in order to meet balanced-budget mandates.”

Sponsored Recommendations

Reducing CSA Violations & Increasing Safety With Advanced Trailer Telematics

Keep the roads safer with advanced trailer telematics. In this whitepaper, see how you can gain insights that lead to increased safety and reduced roadside incidents—keeping drivers...

80% Fewer Towable Accidents - 10 Key Strategies

After installing grille guards on all of their Class 8 trucks, a major Midwest fleet reported they had reduced their number of towable accidents by 80% post installation – including...

Proactive Fleet Safety: A Guide to Improved Efficiency and Profitability

Each year, carriers lose around 32.6 billion vehicle hours as a result of weather-related congestion. Discover how to shift from reactive to proactive, improve efficiency, and...

Tackling the Tech Shortage: Lessons in Recruiting Talent and Reducing Turnover

Discover innovative strategies for recruiting and retaining tech talent in the trucking industry at our April 16th webinar, where experts will share insights on competitive pay...

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!