Return to Balanced Budget in California Fails to Spur Public Construction Spending

 |  from Notes from Jim Haughey

The remarkable turnabout in California state finances in the last three years has not led to the increase in public construction spending in California that was included in our forecast, forcing us to repeatedly trim our national forecast for public construction. Separately, we have had to frequently edge up the forecast for private construction spending, initially for housing and more recently for commercial buildings. Offsetting errors are always comforting to forecasters because casual for... (more)