“Chance is always powerful. Let your hook always be cast;
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Construction spending reached its highest level since 2008 in July, according to the Census Bureau, and industry economists think the party is just getting started.
Spending on both private and public construction increased in July, reaching a seasonally adjusted annual rate of $981.3 billion. That’s more than 8 percent higher than last July’s rate.
The report “provides further evidence that a vigorous nonresidential construction recovery is finally at hand,” said Anirban Basu, chief economist for Associated Builders and Contractors. “Increased job growth, booming energy production, expanding industrial production and normalizing capital markets are all contributing to nonresidential construction’s renewed momentum, and confidence among developers and other significant consumers of construction services is high, signaling ongoing recovery.”
Ken Simonson, chief economist for the Associated General Contractors of America, said “private nonresidential construction should remain strong through the rest of 2014 and beyond, while residential spending is likely to keep growing, though at a more moderate pace.”
Simonson’s one cautionary note: “Funding is still inadequate for needed public infrastructure improvements.”
Wall Street is doing its part to fuel construction spending, with recent rallies in both the stock and bond markets, Basu said.
That has “helped to generate wealth and lower borrowing costs simultaneously, an ideal situation for construction,” he said.
The domestic energy boom is creating lots of work for construction companies. Spending on power construction, which includes oil and gas fields, pipelines and electric utilities, is up 29 percent compared with a year ago, Simonson noted.
Manufacturing construction is up 25 percent, and office construction is up 20 percent.
Construction is down compared with a year ago in health care, education and communications.
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Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial Investment Real Estate Broker in Arizona now for 20 years and I worked with banks and their commercial REO properties for 3 years. I am also a commercial landspecialist in Phoenix and a Landspecialist in Arizona.
WHETHER YOU LEASE OR OWN
NOW IS THE TIME FOR YOU TO EXPAND, UPGRADE OR INVEST.
we are at on the a rise of the cycle in Commercial Real Estate. so there is only one way and it’s called we are going up and now is the time for you to expand, upgrade or invest in Commercial Properties in Phoenix. The prices on deals I may get you will not be around forever.
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Walter Unger CCIM
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