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Construction consultant FMI’s third quarter report calls for a 2 percent total construction growth in 2011 and 6 percent for 2012. While the firm notes that this forecast may sound like ambitious growth, in constant 2006 dollars, it means a drop of 1 percent in 2011 and 3 percent for 2012.
“To put it in perspective,” FMI says, “in 2012 we will nearly return to 2003 levels of construction in current dollars.”
Despite all that is happening with the global economy, U.S. construction markets are inching along, FMI says. But the firm warns it will take some time to revive an industry the size of U.S. construction. To download a copy of the full report, click here.