Over the decade plus since the start of the Great Recession, which stalled construction to a near crawl nationwide, there has been a slow but steady rebound for the industry. That rebound has recently turned into an all-out boom in major gateway cities (other areas continue to lag behind). Construction spending in 2017 rose 2.4% to a record $1.257 Trillion, with construction firms projecting more increases in new private construction spending and payroll increases for 2018. Nevertheless, there are some headwinds on the horizon that are putting pressure on commercial construction pricing and increasing project risks.
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