Real GDP for the Construction sector finally rebounded in 2012, after decreasing for eleven years, 2001 to 2011.
Between 1997 and 2012, the Bureau of Economic Analysis statistics show:
- The annualized rate of growth for U.S. Private Sector Real GDP (sum of all states) was 2.3% and the U.S. Construction sector declined annually at a rate of -1.5%.
- The compound growth rate for Colorado Private Sector Real GDP was 3.1%. The Colorado Construction sector declined annually at a rate of -2.4%.
For this period, the Colorado Construction sector was hit much harder than the U.S. In addition, the recovery was much slower for Colorado.
Between 2009 and 2012, the data shows:
- The annualized rate of growth for U.S. Private Sector Real GDP (sum of all states) was 2.5% and the U.S. Construction sector increased at an annualized rate of 0.5%.
- The compound growth rate for Colorado Private Sector Real GDP was 2.2%. The Colorado Construction sector declined annually at a rate of -1.4%.
Preliminary data suggests that 2013 Colorado Construction output will again be positive and that it will be stronger than the nation.
©Copyright 2011 by CBER.