NEWSROOM

Private nonresidential construction spending increased 0.7% in November 2008. Public nonresidential construction continued to increase and was up 1.4% in November. “The figures for nonresidential construction spending continue to surprise economist” said ABC’s Chief Economist Anirban Basu who also noted that September and October construction spending estimates were revised upwards, indicating that the nonresidential construction industry’s downturn has been softer than had been earlier estimated.

Anirban Basu spoke to NH/VT Chapter members at a December 11 breakfast meeting.
If you would like a DVD copy of the presentation, contact the NH/VT Chapter Office.  

All eyes now turn to future data releases and the new administration’s stimulus package. The “American Recovery and Reinvestment Plan” is expected to cost between $750 billion and $1 trillion and “create or save” three million jobs by 2011. Although the details of the package are not finalized and its approval must work its way through Congress, the possibility of construction industry opportunities is exciting. Construction industry professionals should pay attention to the pending initiatives and be prepared to benefit from any opportunities.

Some of the spending initiatives will be for “shovel ready” projects; others will be for more emerging technologies. Expected to be included are:

• Massive infrastructure and public works projects, including roads, mass transit, bridges and schools,
• Installations related to the production of renewable energy,
• Production and distribution of power derived from water, wind and other alternative energy sources,
• Health care technology, including the installation of information technology in medical facilities.