ABSTRACT
The total “value of new construction put in place” of the national construction industry in 1996 as measured by the US Department of Commerce, Bureau of the Census was $585 billion. 1 The “value of new construction put in place” is a measure of the value of construction installed or erected at the site during a given period. The Gross Domestic Product (GDP) in 1996 as measured by the Department of Commerce, Bureau of Economic Analysis was $7,636 billion. 2 Thus, the percentage the value of construction put in place to the GDP was approximately 7.7%. The Census Bureau has estimated that the value of construction put in place for 1997 will be $605.5 billion. This figure represents a 4% increase over the 1996 rate.
