The third quarter of 2014 marked the end of the regularly alternating economic pattern between positive and negative growth quarters, according to the Marcus Commercial Construction Index. The U.S. economy expanded at a 3.5 percent pace during the third quarter on an annualized basis, following an expansion of 4.6 percent annualized in the second quarter.

However, in September, nonresidential construction spending shrank one percent on a monthly basis following a 0.6 percent decrease in August and a 0.8 percent increase in July.

"This is hardly a cause for concern. While it is disappointing to see construction spending fall in consecutive months, industry-specific economic indicators continue to present positive signals," said Anirban Basu, Marcum’s Chief Construction Economist.

In September, five of 16 nonresidential construction subsectors posted increases in spending on a monthly basis. Of the remaining 11 subsectors that declined during the month, seven posted increases year-over-year.  Manufacturing stands out, accounting for 32 percent of the total increase in nonresidential spending over the past 12 months.

Nonresidential construction spending continues to be hampered by public stagnation. Meanwhile, growth in the private sector has been both consistent and robust. Private nonresidential spending expanded by at least 6 percent in each of the past nine months.

The U.S. construction industry added 12,000 jobs in October according to the Bureau of Labor Statistics’ preliminary estimate released Nov. 7, but nonresidential construction actually shed 1,900 positions on a month-to-month basis. Both nonresidential building construction and nonresidential specialty trade contractors lost jobs for the month, though both segments have still added jobs on a year-over-year basis. The national construction unemployment rate dropped from 7 percent to 6.4 percent on a non-seasonally adjusted basis in October, its lowest level since November 2007, the month before the recession began.