A Dampening of Euphoria May Be Warranted Euphoria concerning the U.S. economy, as demonstrated by record-setting stock market indices, won’t be dampened much by the just-released and somewhat tame Employment Situation report from the Bureau of Labor Statistics. The total number of American jobs in December rose by a lukewarm +145,000. Also, November’s jobs total was revised downwards slightly, by -14,000.
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The accompanying table records the 10 largest construction project starts in Canada in November 2019. Also included is the latest trend graph on starts. This looks at 12-month moving totals of the civil and nonresidential building categories in Canada.
A Slowing Economy’s Impact on Construction ConstructConnect expects growth of the U.S. economy to slow in 2020 and 2021, before picking up steam once again in 2022. Total construction activity, as measured by put-in-place capital spending, will be negatively affected to some degree, although it will receive support from homebuilding work that is generating ‘new shoots’ and mega projects that are underway and planned in the industrial and heavy engineering type-of-structure categories.