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Despite declining investment in nonresidential projects, the U.S. economy as a whole is continuing to grow, according to a recent report from Associated Builders and Contractors.

The economy expanded in the third quarter of 2019 at an annualized rate of 1.9 percent, according to an ABC analysis of economic data released by the U.S. Bureau of Economic Analysis (BEA).

However, nonresidential fixed investment in structures 鈥� a segment tied closely to the construction industry 鈥� declined 15.3 percent in the third quarter after declining 11.1 percent in the second quarter.

A slowing economy, according to ABC’s chief economist, Anirban Basu, can be seen most readily in the falling rate of gross private domestic investment, which dropped 1.5 percent during the third quarter. This followed a 6.3 decrease in the second quarter.

Also, some segments of nonresidential construction spending 鈥� including office and lodging 鈥� are continuing to contract nationally. Others, in the public sector, are showing growth. In the Portland-metro area that is most evident in substantial new construction in the education field.

鈥淭he primary question now is whether the slowdown in economic activity will persist into 2020,鈥� Basu stated in a press release. 鈥淢any factors suggest it will, including a weakening global economy, a U.S. manufacturing sector that is arguably already in recession, vulnerability attributable to massive accumulations of public, corporate and household debt and the uncertain outcomes attached to ongoing trade negotiations. On the other hand, U.S. equity markets have continued to surge higher in the context of better-than-expected corporate earnings and ongoing accommodation by the Federal Reserve. Put it all together and the outlook for the U.S. economy has seldom been more uncertain, especially given next year’s elections.鈥�