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Construction Spending Surges Amid Recession Fears
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Overview
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Construction spending surged by 13.9% in December, driven by both private and public sectors. While private construction rose for residential projects but declined for nonresidential ones, public construction experienced a 21.3% increase. Despite this, economists predict a 39% probability of a US recession within the next year, with an estimated 1% economic growth this year. The construction industry grapples with late vendor payments, with 100% of firms experiencing late payments compared to 87% of firms across other industries.
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How might the surge in construction spending impact the overall economic growth and job market?
In what ways could the predicted recession within the next year affect the construction industry and related sectors?
What measures can construction firms take to address the issue of late vendor payments and ensure timely payments?
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