{"id":1004150595,"date":"2016-08-19T08:07:58","date_gmt":"2016-08-19T16:07:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150595"},"modified":"2022-12-08T20:21:49","modified_gmt":"2022-12-09T04:21:49","slug":"economy-watch-construction-as-share-of-gdp-increases-in-most-states","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/economy-watch-construction-as-share-of-gdp-increases-in-most-states\/","title":{"rendered":"Economy Watch: Construction as Share of GDP Increases in Most States"},"content":{"rendered":"<p>By Dees Stribling, Contributing Editor<\/p>\n<div id=\"attachment_1004141013\" style=\"width: 278px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/construction-photo-e1462366844294.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004141013\" data-attachment-id=\"1004141013\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/economy-watch-construction-spending-edges-downward\/construction-photo\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/construction-photo-e1462366844294.jpg\" data-orig-size=\"798,893\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"construction photo\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Coutesy of Elvert Barnes via Wikimedia Commons&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/construction-photo-e1462366844294.jpg?w=798\" class=\"wp-image-1004141013 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/construction-photo-e1462366844294.jpg\" alt=\"Photo credit: Elvert Barnes via Wikimedia Commons\" width=\"268\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/construction-photo-e1462366844294.jpg 798w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/construction-photo-e1462366844294.jpg?resize=268,300 268w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/04\/construction-photo-e1462366844294.jpg?resize=768,859 768w\" sizes=\"auto, (max-width: 268px) 100vw, 268px\" \/><\/a><p id=\"caption-attachment-1004141013\" class=\"wp-caption-text\">Photo credit: Elvert Barnes via Wikimedia Commons<\/p><\/div>\n<p>The value of the private construction industry as a percentage of gross domestic product increased in 30 states and decreased in only six in 2015, according to a report released this week by <a href=\"https:\/\/www.abc.org\/en-us\/newsmedia\/constructioneconomics.aspx\" target=\"_blank\" rel=\"noopener\">Associated Builders and Contractors<\/a>. Nationally, construction\u2019s direct contribution to GDP increased by 0.1 percentage points from 2014 to 2015 to 3.9 percent.<\/p>\n<p>Despite the energy slump, construction accounted for the highest percentage of state GDP in North Dakota at 7.6 percent in 2015, down from 7.7 percent in 2014. Hawaii\u2019s construction industry made the second largest contribution to state GDP at 5.9 percent, with an increase of 0.5 percentage points from 2014, the largest year-over-year improvement of any state.<\/p>\n<p>Six states\u2014Arizona, North Dakota, Mississippi, Oregon, West Virginia and Wyoming\u2014saw a decrease in construction\u2019s percentage of GDP from 2014, ABC reported. The states with the lowest share of construction in their GDP were New York and Connecticut, both at 3.1 percent for the third year in a row.<\/p>\n<p>The industry continues to experience growth following the Great Recession, led by investment in lodging, office, manufacturing and multifamily construction, noted economist Bernard M. Markstein, president &amp;\u00a0chief economist of Markstein Advisors, who conducted the analysis for ABC. &#8220;The recovery is being led by consumers who have benefited from improved job markets, increased income and low energy prices, and who are spending their increases in disposable income.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The construction industry continues to grow following the Recession, supported by improved job markets and low energy prices. <\/p>\n","protected":false},"author":1023,"featured_media":1004141013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[23891,21742],"tags":[],"class_list":["post-1004150595","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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