Article source: CMDGroup
CMD is projecting that by 2017, total annual U.S. put-in-place (PIP) construction spending will rise to $1.25 trillion. That’s versus an estimated $1.06 trillion in 2015 and a forecast $1.15 trillion in 2016.
PIP numbers, both current and historical, are provided by the Census Bureau. (For an explanation of the differences between CMD’s starts statistics and PIP figures, please see Part 1 of this Economy at a Glance.)
The total will reach that $1.25 trillion level through current (i.e., not adjusted for inflation) dollar gains of +8.6% in 2016 and +8.8% in 2017, on the heels of a +10.0% year in 2015.
Residential work, which suffered a more severe pull-back in activity than the non-residential building category, during the Great Recession, will mount a slightly faster comeback (+10.5% in each of 2016 and 2017, after +11.5% in 2015).