MCCI Posts 1st-Quarter Results

| June 4, 2018

New York City, NY –  Continuing economic expansion in the U.S. does not appear to be translating into rapid growth in construction spending, concludes the Marcum Commercial Construction Index for the first quarter of 2018. The report from Marcum LLP’s national Construction Services group found that nonresidential construction spending in March, the most recent period for which construction data are available, declined 0.3 percent on a monthly basis and expanded by just 2.5 percent year-over-year on a seasonally adjusted, annualized basis.

Several subsectors of the industry did register strong growth over the 12-month period, with Conservation and development (24.5%), Transportation (18.5%), Public safety (11.8%), and Lodging (11.8%) construction as the biggest gainers. The largest drop-offs occurred in Religious (-7.9%), Manufacturing (-7.0%), and Power (-6.2%) spending.

Seventeen of the 20 largest U.S. metropolitan areas experienced growth in construction employment in the 12 months ended March 2018. The greatest gains were seen in Phoenix, AZ (8.7%); Miami, FL (8.0%); and Riverside, CA (7.8%). Only St. Louis, MO (-0.8%); Philadelphia, PA (-1.4%); and Minneapolis, MN (-2.4%) lost construction jobs during the period.

The report also noted continued improvement in the overall U.S. unemployment rate, which declined to 3.9 percent in April 2018.


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Category: All, National/International

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