While the short-term fiscal cliff watch has ended, the next few months will reveal the state of U.S. construction as a whole, particularly as lawmakers in Washington continue to debate the best ways to revive the stubborn economy.
On Wednesday, January 2, the U.S. Commerce Department released a report that showed spending on construction projects fell 0.3 percent from October to November. This represented the first decline since March, according to the AP.
Still, most analysts — including chief U.S. economist for Capital Economics Paul Ashworth — were confident that the slight decline was “nothing too much to worry about.”
“This is a volatile series month to month,” Ashworth said, noting that he particularly expects residential spending to climb throughout 2013.