Will the nation’s desired strong recovery depend primarily on the rise of construction?
It has not been a secret that while the U.S. recovery has had some strong months of increased employment, there have been too many months mixed in with weak job numbers and outright subpar job numbers.
In previous recoveries, the construction sector, residential or commercial, or both, have been leading indicators and led the nation out of recession. The recovery of 2011 and 2012 is the first recovery in which construction has not only not led the way, but has been an overall drag on the recovery. Many economic experts have forecast that for the U.S. economy to have strong growth, construction must have strong grow also. However, is this scenario likely?
According to the Federal Reserve’s April 11th, 2012 beige book, “…real estate activity improved in most districts, but in Cleveland and San Francisco (regions), remained relatively lacklusted.” Home prices continued to remain flat or decline in many markets.
It is clear that construction, both residential and commercial, whose boom usually leads the U.S. economy out of recession, is not at a point to do so at this time.
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