ConstructConnect-OE’s GDP Projections on the Mark
Government statistical agencies in both the U.S. and Canada have recently been putting the finishing touches to their estimates of gross domestic product growth (or, rather, lack thereof) last year.
The most recent calculation of the U.S. GDP contraction in full year 2020 versus full year 2019 places it at -3.5%. During the quarters of last year, Q2 and Q3 displayed the wildest swings, -31.4% q/q annualized, followed by +33.4% also q/q annualized. The fourth quarter closed out the year with a gain of +4.3%, q/q annualized.
‘Annualized’ means taking the quarter-to-quarter change and projecting it out (or, in other words, assuming it holds true) over a full 12-month period. There’s a compounding aspect, but it generally yields a result not much different from multiplying by four.
2020 U S Mega Construction Projects & Carryover of Work Into 2021
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13 Mid-February Economic Nuggets Spotlighting Construction Jobs & Foreign Trade
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Table 1 sets out the best U.S. city labor markets according to two measurements, unemployment rates (with smallest being most desirable) and year-over-year jobs change (with fastest at the top).
At this present time, ‘fastest’ year-over-year jobs change means slowest decline. There isn’t a single city where there has been an increase in employment from year-previously levels.
Four cities, however, stand out (and are shaded green) for being among the Top 10 according to both criteria Salt Lake City, Indianapolis, Austin, and Atlanta.
Another four cities comprise a second-rung ‘good’ grouping Kansas City, Birmingham, Jacksonville, and Cincinnati.
While not shown in Table 1, three cities are currently experiencing double-digit unemployment rates: Los Angeles, 11.0%; New Orleans, 11.3%; and Las Vegas, 13.8%.
Top 5 Coolest Buildings of 2020
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It’s time once again to unveil ConstructConnect’s Top 5 Coolest Buildings of the Year. Each year it gets harder and harder to narrow down our picks to just five buildings. In a normal year, we typically see a few of the projects we have in early consideration get delayed or postponed, and 2020 was no exception, thanks in no small part to the coronavirus pandemic. That being said, there were a number of great projects to come out of 2020 and this list could have easily been expanded to the Top 10 or Top 15 Coolest Buildings of the Year.