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U.S. Economy and Construction Markets – Executive Summary for Greenbuild

Friday, November 13th, 2015

Article source: CMDGroup

  • Globally, the U.S. economy is outperforming all others.
  • Europe is still sluggish and the ECB (European Central Bank) may embark on more quantitative easing. Likewise Japan and its central bank. China’s monetary agency has been lowering interest rates to stimulate growth.
  • In the mid-00s, China accounted for 40% to 50% of world demand for most commodities. With China’s slowdown, prices for raw materials worldwide are in the doldrums.
  • The present economic forecast can be labeled a ‘throwback’ in the sense that it’s similar to the 1990s and earlier when the U.S. always led growth internationally.
  • Furthermore, in those ‘old’ days, U.S. prospects were limited by large-volume foreign energy imports. Now, thanks to domestic fracking, that handicap has been lifted.
  • The U.S. monthly foreign trade deficit (annualized) has shrunk from a range of -$600 to -$800 (billions) to -$400 to -$600 (billions). The reduction is quite positive for GDP.
  • China’s growth has dimmed from a range of +10% to +12% to an ‘official figure’ of +6.5%. Many analysts believe the nation’s annual advance may truly be closer to +3.5%.
  • In an unprecedented turnaround, there have been several months this year when the U.S. has recorded a trade surplus with both OPEC and Saudi Arabia. A cause for headlines.
  • The Federal Reserve will likely begin to hike the federal funds rate in December. The increments over the next couple of years will almost certainly be tiny (100 basis points at most each year, where 100 basis points = 1.00%).
  • When the U.S. economy is functioning on all cylinders, annual ‘real’ (i.e., adjusted for inflation) gross domestic product (GDP) growth is +3.5%. From 2015 through 2017, probably the best that can be hoped for is +2.0% to +2.5%.

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