Economic weakness is pulling down construction activity
By the end of the year, the consensus is that the economy will have begun a recovery, likely however to be quite mild at least initially. - Courtesy of www.nycustomhomes.com
The downturn in the broader economy is limiting the need for new nonresidential facilities. The U.S. gross domestic product (GDP) declined by more than 6 percent on a seasonally adjusted and annualized basis in the fourth quarter of last year, and by almost 6 percent during the first quarter of this year.
When we get a reading for the performance of the economy in the second quarter—which will be released by the Commerce on the last day of July—most analysts are expecting another sizeable drop, but probably less that we saw in the prior two quarters. – Courtesy of AIA_
