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According to “FMI’s Construction Outlook: Second Quarter 2009” report, the forecasts total construction in 2009 and 2010 will be down 13 percent and 7 percent, respectively.
“Last quarter the outlook for construction was described as just plain ugly and unfortunately, this still holds true,” notes FMI in a press statement about the release of its forecast.
The following are some of the report highlights:
Report highlights include the following:
•Residential construction will decline 19 percent in 2009 and percent in 2010.
•Nonresidential construction will turn negative this year and decline 14 percent with even further declines of 17 percent in 2010.
•Nonbuilding construction will continue to be the only bright spot, increasing 4 percent per year in 2009 and 2010.
•The economy may show some signs of improvement, but it is just the beginning of the downfall for nonresidential construction.
For a downloadable PDF about the report, click here.