After several tough years, there are some signs that the economy may finally be picking up steam. Associated Builders and Contractors Inc. (ABC) reported that the nation’s nonresidential construction spending increased 0.3 percent in December 2012, with year-over-year total nonresidential construction spending up 1.2 percent. The trade group predicts that nonresidential construction spending will expand 5.2 percent in 2013.
On the residential side, the U.S. Census Bureau announced that for 2012, overall building permits increased 30.3 percent and housing starts grew 28.1 percent. The National Association of Home Builders (NAHB) is forecasting that single-family starts will grow 22 percent in 2013 and that single-family construction will grow another 30 percent in 2014.