Reed/ACP Construction Data – We have seen hard evidence over the last year that the negative impact of low spending confidence is bigger than the positive impact of cheap credit and, until a few months ago, rising incomes. Currently, home affordability is record high and confidence is record low. Result: the housing market is depressed and still worsening and the problems are spreading rapidly to nonresidential construction. Many consumers, businesses (and their lenders) are not willing to make long term financial commitments. Some of the more than 50% plunge in consumer confidence since September can be attributed to the Obama team’s exaggerated comparisons of the current economy to the 1930s. [read more…]