Investment in construction was up across the United States this past fiscal year, especially in Florida, according to the American Builders and Contractors association.
Residential and nonresidential construction investment accounted for 6.2 percent of U.S. gross domestic product (adjusted for inflation), the industry’s largest contribution to U.S. economy since the end of 2009.
Since the end of the recession in 2009, overall gross domestic product is up 18.9 percent or a compound growth rate of 2.2 percent per year. Florida alone has seen 9.3 percent increase in added real value from construction —one of the top five states in the country to do so, joining Idaho, Georgia, South Carolina and Oregon.
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According to the American Builders and Contractors association, the next fiscal year will see an uptick in single-family home construction without a decrease in multi-family homes.
While the construction industry is still expected to steadily grow, there are a number of risks based on United States trade policy.
According to American Builders and Contractors association, “any major increase in tariffs or raising of other barriers (e.g., import quotas) would slow trade, increase inflation and lead to slower growth.
“The construction industry in particular would feel the brunt of such actions. Abandonment of the North Atlantic Free Trade Agreement (NAFTA), which seems increasingly likely, will create major problems for several manufacturers in the U.S. as well as in Canada and Mexico, with auto producers likely to be hurt the most.”
Energy prices, Brexit, the European Union, and Federal Reserve interest rates could all have a negative impact on investments in construction, but the overall forecast looks positive moving forward.
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