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Monday, October 19, 2009

Report: Construction to increase 11% next year

Monday, October 19, 2009, 9:45am EDT

South Florida Business Journal - by Tierney Plumb Washington Business Journal

The level of construction starts in 2010 is expected to jump 11 percent to $466.2 billion, according to McGraw-Hill Construction’s annual industry outlook.
Improvements in housing and public works construction is expected to help the industry bounce back from a 25 percent decline predicted for 2009.
“The U.S. construction market in 2010 will be helped by growth for several sectors, following three straight years of decline that brought total construction activity down 39 percent from its mid-decade peak,” said Robert Murray, vice president of economic affairs for McGraw-Hill Construction, which is part of the McGraw-Hill Cos. (NYSE: MHP).

He addressed more than 300 engineers, architects and other construction professionals at the 71st annual Outlook 2010 Executive Conference in Washington, D.C., on Friday.
Public works construction is expected to rise 14 percent, given more wide-ranging strength across all project types. Following steep reductions in 2008 and 2009, multifamily housing is expected to improve 16 percent in dollars and 14 percent in units.
Other report highlights include:

Single family housing for 2010 will advance 32 percent in dollars, corresponding to a 30 percent increase in the number of units, to 560,000.
Commercial buildings will drop 4 percent in dollars, following a 43 percent drop in 2009.
Institutional building will be helped by the movement to green federal buildings. Square footage in the sector will retreat an additional 2 percent after falling 23 percent this year, and the dollar amount of construction will edge up 1 percent.
Manufacturing buildings will drop 14 percent in dollars and 3 percent in square feet.

Report: Construction to increase 11% next year


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