Public Construction Is Recovery's Weak Link

摘要

Traditionally, construction's recovery from a cyclical downturn could always count on a boost from the public sector, but not this time around. In September, the total dollar value of new construction put-in-place was running at a seasonally adjusted annual rate of just $271 billion, according to the U.S. Dept. of Commerce. That dip was the third consecutive monthly decline in the seasonally adjusted growth rate numbers (see chart) and was 4.2% behind September 2011 's annual rate. On a year-to-date basis, the dollar value of total new construction put-in-place through the first three quarters of this year was $207 billion, or 2.6% less than the same period a year ago, according to the Dept. of Commerce.