Building boom driving economic growth

Nearly a decade after the Great Recession stalled construction nationwide, the industry is roaring back: In 43 states, construction is now contributing more to the economy than it did in 2010, creating a demand for skilled workers and transforming skylines across the country.

Overall, the construction industry’s impact on U.S. gross domestic product has grown by more than 21 percent since its low point in 2011, according to a Stateline analysis of inflation-adjusted data from the U.S. Bureau of Economic Analysis.

Even in Missouri, where the recovery from the recession has been tepid, construction activity is heating up. Construction’s contribution to Missouri’s economy is up 5.2 percent since 2010.

This year, construction’s contribution to the U.S. economy soared above $650 billion for the first time since 2008, employing 6.7 million people last month. That’s up from a low of 5.4 million in January 2011. In 2006, at the peak of the last housing boom, the industry employed 7.7 million people.

Read more: St. Louis Post-Dispatch


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