Construction Output Takes Sharp Drop Due to COVID-19

The U.S. economy contracted at an annualized rate of 32.9% during the second quarter of 2020, according to an Associated Builders and Contractors analysis of data recently released by the U.S. Bureau of Economic Analysis. Nonresidential and residential fixed investment contracted by 27.0 and 38.7%, respectively, while investment in nonresidential fixed structures contracted by 34.9% (see Table and Chart below). Statistically, the decline in national output is attributable to multiple factors, including significant declines in personal consumption, exports and private inventory investment.

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