Dive Brief:
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Nonresidential construction spending will grow by 7.5% in 2015, the chief economist for Associated Builders and Contractors said this week.
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Construction in fields related to natural gas, lodging, office space, and manufacturing will drive the momentum, said economist Anirban Basu, who noted that the pace of spending is fueling a brisk industry recovery.”
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Public sector spending on construction will be “sluggish” next year, Basu predicted.
Dive Insight:
The positive news for construction mirrors expectations for the overall U.S. economy over the next year. Economists have said job creation, increased consumer spending, and falling gasoline prices have combined to set the stage for economic growth in 2015.