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Construction spending is firming

The evidence of a bottom in construction spending continues to build. At the very least you can look at this chart and see that spending has been flat for two years or more. And it's not hard to discern the makings of a modest upturn. In any event, construction spending, having hit an all-time low of 2.2% of GDP in Q3/11, is now quite unlikely to subtract from GDP going forward. More likely, it will continue making a modest contribution.

P.S. I'm taking a breather from skiing today. A little sore from a fall yesterday, plus it's snowing and the visibility is poor.

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