Seeing more construction cranes in your city? You’re not alone. Developers are building more offices, retail centers, warehouses and apartment buildings today.
The Associated Builders and Contractors on Aug. 13 released its Q2 Construction Backlog Indicator. The report showed that commercial construction jumped 3.9 percent during the second quarter of this year and is up 6.6 percent when compared to the same quarter one year earlier.
Anirban Basu, chief economist with Associated Builders and Contractors, said that the higher number of jobs created, the strong performances by U.S. financial markets and easier access to financing have spurred this rise in commercial construction.
Unfortunately, the news isn’t as positive in the Midwest. According to the report, the country’s middle states saw the slowest pace of construction in the quarter and has the shortest construction backlog at 6.3 months.
Overall, though, the report provides yet more evidence that the commercial construction industry is in full recovery mode. Now we just have to hope that the Midwest catches up to the rest of the country with the pace of its recovery.
