Connecticut and New York tied for last place in a new report calculating the value added by the private construction industry as a percentage of gross domestic product (GDP) in 2015.
According to the Associated Builders and Contractors (ABC), construction in both states accounted for 3.1 percent of GDP, well below the national average of 3.9 percent. This marked the third consecutive year that the two states tied for last place.
All told, the value added by the private construction industry was up in 30 states and fell in just six in 2015. Leading the way were North Dakota at 7.6 percent, followed by Hawaii (5.9) and Montana (5.8). Edging out Connecticut and New York were 47th-place Oregon (3.3 percent) and 48th-place Delaware (3.2).
“The industry continues to experience growth following the Great Recession, led by investment in lodging, office, manufacturing and multifamily construction,” said economist Bernard M. Markstein Ph.D., president and chief economist of Markstein Advisors, which conducted the analysis for ABC. “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.”
View original article here by Kevin Zimmerman