“Construction continued to play a vital role in the U.S. economy in 2015, increasing its percentage contribution to GDP nationally and in 30 states,” said economist Bernard M. Markstein, Ph.D., president and chief economist of Markstein Advisors. Markstein’s comments came following his analysis for the Associated Builders and Contractors (ABC).
“The industry continues to experience growth following the Great Recession, led by investment in lodging, office, manufacturing and multifamily construction,” he said. “The recovery is being led by consumers who have benefited from improved job markets, increased income and low energy prices and who are spending their increases in disposable income.”
The Top Five States
In 2015, the top five states for the value added from construction as a percentage of state GDP in order from highest to lowest were:
1. North Dakota (7.6 percent)
2. Hawaii (5.9 percent)
3. Montana (5.8 percent)
4. Wyoming (5.7 percent)
5. Louisiana (5.5 percent)
Bottom Four States
In 2015, the bottom four states for the value added from construction as a percentage of state GDP in order from highest to lowest were:
47. Oregon (3.3 percent)
48. Delaware (3.2 percent)
49. Connecticut and New York (tie at 3.1 percent)
The fifth lowest was a tie among six states—California, Illinois, New Hampshire, New Mexico, North Carolina and Ohio—at 3.4 percent.