Private Construction Plays Significant Role in State Economies

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Over the last 18 years, the value added by the private construction industry as a percentage of real (inflation-adjusted) national gross domestic product declined from a high of 6.17% in 1997 to a low of 3.66% in 2014 (the latest year for which annual data are available). Prior to 2014, the previous low percentage of GDP for the construction industry was 3.7% in 2011, inching up to 3.77% in 2012 and 2013 as both economic and construction activity increased. Although not included in these figures, the U.S. economy also benefits from purchases related to construction projects, such as equipment for a new factory, furniture for an office or residential property, and appliances for commercial and residential units. These additional purchases add at least 2-3% to the impact of the construction industry on the economy.


From ABC Newsline

Trenton H. Cotney
Florida Bar Certified Construction Lawyer
Trent Cotney, P.A.
407 N. Howard Avenue
Suite 100
Tampa, FL 33606
www.trentcotney.com

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