U.S. Construction Industry Growth Expected to Continue in 2016

Construction industry expected to continue growing in 2016

Let the good times roll. According to a study by Associated Builders and Contractors (ABC), U.S. commercial and industry construction growth will continue despite a weak global economy. A summary of the results of the study were recently reported by Electrical Construction & Maintenance.

Led by strong consumer spending, ABC forecasts growth in nonresidential construction spending of 7.4% in 2016 along with growth in employment and backlog. According to ABC’s chief economist, the current recovery could challenge the lengthiest recovery in U.S. history, which lasted 120 months between March 1991 and March 2001.

In addition to increased construction spending, ABC’s leading indices suggest that 2016 will be another good year for the typical U.S. nonresidential construction firm. These indices “encompass expectations with respect to hiring, profit margins, and projected sales growth.” According to the most recent survey, overall contractor confidence has increased with respect to sales (67.3 to 69.4) and profit margins (61 to 62.9). Additionally, hiring is expected to increase at a steady pace and the backlog indicator also indicates a strong demand, according to the article.

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