Oct. 26, 2007 - Construction Market Will Continue To Weaken In 2008
McGraw-Hill Construction released its 2008 Construction Outlook, which forecasts a drop in overall U.S. construction spending for
next year, fueled by tighter lending conditions and weaker job growth.
“The credit crunch that emerged at
mid-2007 continues to be a major concern for construction and the overall
economy,” said Robert A. Murray, vice president of
economic affairs at McGraw-Hill Construction. “As a result, we’re now
predicting downturns in the previously resilient multifamily and commercial
segments, as well as continued weakness in single-family home construction.”