Reduced Construction Spending and Increased Costs Reflect Slowing Third Quarter
Non-residential construction spending has dropped 6 percent since the beginning of 2016. This reduction was offset by a nearly equal increase in infrastructure spending and steady residential construction. Increases in construction prices for 2016 are now trending towards 6 percent annually, depending on location, while job growth saw a slight up-tick with an average of 192,000 jobs added per month in the third quarter of 2016 versus the 171,000 jobs per month averaged in the first half of the year.