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Construction spending still weak





Not wanting to gloss over bad news, I post this chart of construction spending (both public and private). Although it appears the residential construction sector has hit bottom, nonresidential construction is now clearly declining, and the total of the two is also declining. It's going to be awhile before construction spending stops subtracting from GDP growth. Not all is rosy out there, but I think the list of positives clearly outweighs the negatives.

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