McGraw-Hill Construction forecasts a drop in overall U.S. construction starts for next year as the tough funding environment continues.
Construction released its “2009 Construction Outlook,” which forecasts a drop
in overall U.S. construction starts for next year, as the tough funding
environment continues, construction projects are deferred, and financial stress
gradually eases. Against this backdrop, the level of construction starts in
2009 is expected to decline 7%, to $515 billion, following a 12% decline
predicted for 2008.
to Robert A. Murray, vice president of economic affairs for McGraw-Hill
Construction, tighter lending standards have been a major constraint for the construction
industry. For single-family housing, declines continued and showed no sign of
an upturn. Home prices continued to drop "
Construction Market Will Continue To Slide In 2009
October 24, 2008