As construction spending nationwide continues to decline, many builders are hoping for a big boost thanks to the economic stimulus package being drafted in Congress.
Details of the massive package — likely to total $750 billion or more — haven’t been fleshed out, but billions no doubt will be included to fund construction of new homes, offices, roads and utilities.
With that in mind, the Associated General Contractors of America has just released a detailed summary of how $1 billion in new construction spending would benefit each of the 50 states, the District of Columbia and the nation at a whole.
Nationwide, for example, $1 billion in nonresidential construction spending would boost the national economy (as measured by the Gross Domestic Product) by $3.4 billion and create or sustain 28,500 jobs. When multipled by the many tens of billions likely to be included in the stimulus package, it’s clear that the upfront spending on construction projects would pay out big dividends across the board.
