Organization forecasts growth in nonresidential construction spending of 7.4 percent
WASHINGTON — Associated Builders and Contractors (ABC) forecasts the U.S. commercial and industrial construction industries will continue their steady economic recovery in 2016. Despite a weak global economy, the industry’s solid economic recovery in 2015 should continue in 2016.
“As the mid-phase of the economic recovery continues, ABC forecasts growth in nonresidential construction spending of 7.4 percent next year along with growth in employment and backlog,” said Anirban Basu, chief economist, ABC. “The mid-phase of the recovery is typically the lengthiest part and ultimately gives way to the late phase, when the economy overheats. The current recovery could challenge the lengthiest recovery in U.S. history, which lasted 120 months between March 1991 and March 2001.