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2023 Economic Review and 2024 Outlook - Infrastructure Development02-08-24 | News

2023 Economic Review and 2024 Outlook - Infrastructure Development

Economic Review
by Staff

Infrastructure Development

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As reported by the National Association of Home Builders (NAHB), in the third quarter of 2023, the U.S. economy experienced strong growth, primarily driven by a surge in consumer spending. According to the "advance" estimate from the Bureau of Economic Analysis (BEA), real gross domestic product (GDP) increased at an annual rate of 4.9%, marking the fifth consecutive quarterly increase. This growth was fueled by increased consumer spending, private inventory investment, exports, government spending, and residential fixed investment. Notably, consumer spending rose at an annual rate of 4.0%, with significant increases in both services and goods, particularly in recreational goods and vehicles.
Additionally, the GDP price index rose by 3.5%, reflecting an increase from the previous quarter. However, nonresidential fixed investment decreased by 0.1%, driven by a decrease in equipment, partially offset by increases in intellectual property products and structures. Residential fixed investment (RFI) saw a positive shift, rising by 3.9%, with growth in single-family structures. Meanwhile, the American Society of Landscape Architects (ASLA) is pushing for legislation from the Senate that will invest nearly $1.64 billion into The Clean Water State Revolving Fund (CWSRF). Moreover, the Senate initiated discussions on reauthorizing the Water Resources Development Act (WRDA) to support U.S. Army Corps of Engineers projects related to water infrastructure.
https://tinyurl.com/NAHB-2023 https://tinyurl.com/ASLA-23

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