Given the scale of the rebound in demand in the US economy, with GDP levels now above pre-pandemic levels and the economy expected to expand by around 6% this year and 4% next, there is going to be a major backlog of repair work and deferred projects will be reinstated. With tourism and leisure returning - US borders are yet to reopen to European, Chinese, Indian and Brazilian tourists and business people, which will give another substantial uplift - non-residential construction should see a significant acceleration. Already there are tentative signs of stabilisation in non-residential construction activity and as more people return to the office, cities are likely to get busier again, with bars, restaurants and hotels also seeing increased demand. However, we are hopeful that 2022 will be a much better year. Only water supply and sewage spending has increased since the start of the pandemic. Lodging (hotels), public safety and recreation are the hardest hit sub-sectors. While non-residential construction is up 25% on its pre-pandemic highs, non-residential construction is down 11.1% from its January 2020 peak.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |