Tuesday, March 3, 2009
Residential construction has collapsed to its lowest level relative to GDP (3.1%) ever recorded. Further declines are likely to be muted and in any event won't have much impact on GDP going forward. The big construction story now developing is the recent emergence of what could prove to be a substantial decline in nonresidential construction spending. Even though I have a bias to find good news out there, I can't ignore this piece of bad news.
Posted by Scott Grannis at 9:00 AM