Many infrastructure stocks have tried to persuade the market in recent months that the construction cycle was being extended. The latest economic data from the second quarter of 2017 seem to corroborate their argument.
The estimate for GDP growth was revised upward from an original estimate of 2.7% to 3%, which would mark the fastest quarterly growth rate achieved by the American economy since the first quarter of 2015. Additionally, ADP estimates that the economy added 18,000 construction jobs during August, up from just 6,000 jobs added in July.