Study: Construction adds value to U.S. economy
In 2015, the value added by the private construction industry as a percentage of gross domestic product increased in 30 states and decreased in six, according to a 2016 report by Associated Builders and Contractors.
“Construction continued to play a vital role in the U.S. economy in 2015, increasing its percentage contribution to GDP nationally and in 30 states,” said Bernard Markstein, president and chief economist of Markstein Advisors, who conducted the analysis for ABC.
The top five states for the value added from construction as a percentage of state GPD were North Dakota at 7.6 percent; Hawaii at 5.9 percent; Montana at 5.8 percent; Wyoming at 5.7 percent; and Louisiana at 5.5 percent. The bottom five states were Ohio at 3.4 percent; Oregon at 3.3 percent; Delaware at 3.2 percent; and Connecticut and New York tied at 3.1 percent.
“The industry continues to experience growth following the Great Recession, led by investment in lodging, office, manufacturing and multifamily construction,” Markstein said. “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.”
To view the full report, visit www.abc.org.