September 19, 2019
Even as New York and all but one of the other top 19 markets saw year-over-year gains in construction employment, nonresidential construction spending is slowing. That’s the top-line conclusion of New York-based Marcum LLP, which cites confusion and indecisiveness about the economy.
“Warning signs and historical trends of downturn are out there and have been for a little while,” said Joseph Natarelli, Marcus’s construction leader. ”The construction industry, always the first to feel the pinch and last to be relieved of it, saw some minor downturns this June. Jobs are plenty, unemployment is slow, but nonresidential spending hasn’t grown over the past year and that includes the increases we saw in governmental and infrastructure spending.”
Nonresidential construction spending declined 1.8% on a monthly basis in June, but was up 2.3% Y-O-Y. Total nonresidential spending in June was $773.8 billion on a seasonally adjusted annual basis, compared to $756.4 billion in June 2018.
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