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US Recession Recovery Shows Signs of Stalling with Just 4.0% GDP and 3.0% Nonresidential Construction Growth in Q4
Compared to 33.4% Q3 GDP growth, 4.0% represents drastic slowing, An indication of an economy still beset by uncertainty and interruption. Economic momentum has been decelerating rapidly since the summer, says ABC s chief economist
January 28, 2021
Bureau of Economic Analysis
The U.S. economy expanded at an annualized 4.0% rate in the fourth quarter of 2020 as the nation’s recovery from last spring’s economic devastation continued. Nonresidential investment in structures increased at a 3.0% annualized rate in the fourth quarter.
“Some observers may say that the economic recovery that began in May 2020 is neatly in place, but that is simply not true,” said ABC Chief Economist Anirban Basu. “After expanding 33.4% during the third quarter, the U.S. economy expanded only 4% during the fourth, an indication of an economy still beset by uncertainty and interr
Dive Brief:
Investments in commercial construction grew by a modest 3% annualized rate during the final quarter of 2020, while the U.S. economy as a whole grew at an annualized 4% rate in that same period, according to Associated Builders and Contractors.
“Some observers may say that the economic recovery that began in May 2020 is neatly in place, but that is simply not true,” Anirban Basu, ABC’s chief economist, said in the release. Basu said that the U.S. economy grew by 33.4% during the third quarter, but was followed by slower growth to close out the year, pointing to further uncertainty for U.S. construction firms.