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The value of annual construction is expected to show an increase of 8 percent over 2012 levels, according to a recent report from FMI.
In its first quarter 2013 Construction Outlook, FMI, a management consulting and investment banking provider for the engineering and construction industry, forecasts the U.S. value of construction-put-in-place to rise to a level of $919 billion this year.
And while the report deems the estimate a “solid improvement,” it says it doesn’t expect annual construction to return to a value of $1 trillion until 2015.
The report forecasts a 23-percent rise in the construction of single-family homes in 2013 to a value of $161 billion. That would follow a 19-percent increase in 2012. The report forecasts multifamily housing to improve 47 percent in 2013.
As many industries have seen signs of economic recovery and are now planning for growth, lodging construction is expected to grow 10 percent in 2013, office construction is forecast to grow 5 percent and commercial construction is expected to grow 7 percent to a value of $50.3 billion.
FMI expects health care construction to grow 8 percent to $44.2 billion in 2013. The report forecasts a 6 percent increase for manufacturing and between 8 and 9-percent growth in power-related construction.
Update: FMI released a correction to its figures. Single-family housing construction value in 2013 was meant to be forecast as $161 billion, not million. The figure has been updated above.