Very insightful WSJ article – ‘WSJ – U.S. Construction Shifts Into Second Tier’ by journalist Eliot Brown. The article highlights that the construction recovery is evening out across the United States, and that more cities are seeing substantial construction progress for commercial building, apartment buildings and hotels in New York, Boston, San Francisco and beyond.
The article makes reference to the Architecture Billings Index which “rose in July to the highest point since before the downturn. The index registered a score of 55.8 in July, up from its average of 51.3 over the previous 12 months and the highest score since July 2007. A score of above 50 means billings for design firms rose over the prior month, while below 50 means workloads fell.” By comparison, at the peak of the construction boom several years ago, the ABI was noted to be in the high 50s in the 2007 time period.
Non-residential construction spending continues to increase, rising to “an annual rate of $330 billion in June, up from $296 billion in June 2013, according to U.S. Census Bureau figures.” Notably, office building spending increased “in June was 20.7% over June 2013, rising to an annual rate of $37 billion, its highest level in five years.”
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To read the full article on the Wall Street Journal web site, click here.
By Luke Rotunno. You can Find Luke Rotunno on Google +