15/11/10 – Construction Market to Increase 8% in 2011
15 November 2010
Residential and commercial construction starts are expected to improve in 2011 according to a McGraw-Hill Construction report.
McGraw-Hill Construction, released its 2011 Construction Outlook, a mainstay in construction industry forecasting and business planning, which predicts an increase in overall U.S. construction starts for next year. The level of construction starts in 2011 is expected to advance 8% to $445.5 billion, following the 2% decline predicted for 2010.
"While the economy is still facing headwinds, the stage is being set for construction to see modest improvement in 2011 from this year’s very weak activity," said Robert A. Murray, vice president of economic affairs at McGraw-Hill Construction, addressing nearly 400 construction executives and professionals at the 72nd annual Outlook 2011 Executive Conference in Washington. "We’re turning the corner, slowly. 2011 will be the first year of renewed growth for overall construction activity, and 2010 becomes the final year of a very lengthy and unusual construction cycle."
The 2011 Construction Outlook was presented at the McGraw-Hill Construction Outlook Executive Conference in Washington, D.C., which brought together top executives and professionals from all areas of the construction industry.