It’s been about two weeks since I wrote a blog post. With good reason. I’ve spent the last few weeks working sometimes 10 or 12 hour days getting all the information for and writing a construction economics report. Coming soon!
Here’s a few tidbits out of the mass.
The nonresidential buildings construction boom that is going on right now could become an historic expansion. I’m predicting 13.7% growth in 2016. Added to 8.8% in 2014 and 17.1% in 2015 that could be 39.6% growth in 3 years 2014-15-16.
Only 3 year periods back to 1993 that are comparable: 2006-07-08 40.1% and 1995-96-97 32%.
Total construction spending growth for the 3 years 2014-15-16 could reach 30%. I forecast 9.7% growth in 2016.
Only 3 year periods back to 1993 that are comparable: 2003-04-05 29% and 1998-99-2000 25%.
Well, there is one more comparable. The last three years of total construction spending growth for 2013-14-15 was up 27%, so this expansion is already ranked 2nd.
What we see here is the 1st or 2nd most active 3 year period of growth in construction on record back to 1993, and it’s already been happening for two or three years.
For perspective, residential spending for 2013-14-15 grew 46%! Similar only to residential spending in 2003-04-05 at 48%.
Welcome to the new year. So let’s go see if we can break some records.