Construction is a large part of my life. I have built my business, PCG Contractors, from the ground up and I have an immense passion for each and every project I undertake. That is why I am always glad seeing the construction industry boom the way it has been. Last year in particular saw an incredible boost for industry spending, with its highest numbers in 10-and-a-half years.
According to the Commerce Department, the amount of construction spending in 2016 rose 0.9 percent from October to November, totaling $1.8 trillion. This is the highest level it has been at since April of 2006. Both private and public sector investment helped in reaching these numbers.
A recent report from CNBC noted that construction spending rose a steady 4.1 percent from November of 2015 to November of 2016. This comes after economists had predicted only a 0.6 percent increase from October to November.
Spending for private construction also rose, with a 1.0 percent increase last November. This was the highest that the industry had seen since July of 2006. This was due to the increase of single-family home building and home renovations. And after falling a bit (1.5 percent to be exact) in October, private nonresidential buildings increased by 0.9 percent.
This increase reflects solid gains throughout the home construction, nonresidential building and government construction. And now, economists believe that, with unemployment down, 2017 is poised to continue the tremendous success of the industry.
I personally look forward to a great year in construction, as PCG Contractors continues to work with some of the greatest names in the hospitality, retail, restaurant and specialty renovations.