Published in Last Word
The Commerce Department credited a 12.6 increase in spending on non-residential structures—much of it in new and expanding factories—for propelling GDP growth in the second quarter to a 4.6 percent annual rate—the strongest pace in two-and-a-half years.
Factory construction had been in steady decline in this country since 1998, with manufacturers moving their operations overseas. According to the U.S. Census Bureau, that trend started to reverse last year and construction is expected to grow over the next few years.
The soon-to-be-released Engineering Business Index (EBI) survey shows that ACEC Member Firms are solidly optimistic about prospects for the industrial/manufacturing sector over the coming year.
"Manufacturers are relatively upbeat about the next few months and that's really playing into increased investment," said Chad Moutray, chief economist of the National Association of Manufacturers.
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