Steel Markets
May 8, 2016
Economists Weigh In on Construction Sector: Slow Growth, No Recession
Written by Sandy Williams
Economists participating last week in the CMD Webinar: Is Construction Gaining or Waning were generally optimistic about the economy and forecast for construction growth. Although some sectors of construction peaked last year, growth is continuing in almost all areas, although at a slower pace. During the webinar, chief economists Ken Simonson, Associated General Contractors of America; Alex Carrick, CMD; and Kermit Baker, American Institute of Architects, gave their insights on the U.S. construction sector.
In general, the economy is humming along quite well at present, said Kermit Baker. The U.S. economy had 2.5 percent growth last year and, despite a weak first quarter, should be in the 2 percent range for this year and 2017. Jobs have increased 2.6 million per year in the past two years bring the U.S. back to prerecession levels.
