While a recovery in residential construction has outpaced the nonresidential construction sector in recent years, things are finally looking up in nonresidential, with strong increases being seen in certain parts of the U.S.—even in the “mega-residential” apartment and condo sectors of Texas, Florida and California.
According to the Associated General Contractors of America, in the first two months of 2014 nonresidential construction spending climbed 11.8%, driven by significant growth in the power & energy, manufacturing, retail, warehouse & farm, and office construction segments. During that same time period, residential construction spending increased 15.2%.
In 2014, from just about anywhere you stand, construction is on the rebound.
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