Stimulus is happening but not much else
Every day in recent weeks, federal and state agencies have announced new projects funded by the American Recovery and Reinvestment Act, the "stimulus" bill. The variety, speed and totals are impressive, given that the bill was signed less than three months ago.
Unfortunately, stimulus funding is not enough to offset the continuing sharp downturn in private and state/local-funded construction. On April 29, the Bureau of Economic Analysis reported that real (net of inflation) gross domestic product fell from January through March at a precipitous 6 percent annual rate for the second straight quarter. Investment in private residential, private nonresidential and public structures each plunged at much steeper rates: -44, -33 and -17 percent, respectively, according to an April 30 Data DIGest report.