By Roland Murphy for Arizona Builder’s Exchange
A recently released report shows the U.S. Construction industry experienced three consecutive months of growth last quarter.
The Third Quarter 2015 USA Construction Growth Report from Rider Levett Bucknall examined the American Institute of Architects’ Architectural Billing Index and found the ABI for July was 55.7 percent, increasing from April’s score of 48.8 and showing three months of growth in a row.
The pattern in previous ABIs had been for two months of growth following two months of contraction.
The review’s findings reported the national GDP increasing 3.7 percent, general unemployment holding steady at 5.5 percent and construction industry unemployment down to 6.3 percent.
The report also shows put-in-place construction activity increased 12 percent nationwide between Q4 2014 and Q2 2015. According to revised U.S. Department of Commerce numbers cited in the report, June construction put in place was $1,064.6B, a 12 percent increase over June 2014 estimates.
“Three consecutive months of growth in the AIA’s Architectural Billing Index and a 12 percent increase in construction activity is an excellent sign that the U.S. construction industry is finally gaining some momentum,” stated Julian Anderson, president of Rider Levett Bucknall North America. “We anticipate steady growth through the rest of 2015 and into the first quarter 2016, especially if the Fed raises interest rates in the last quarter of the year.”