Research and analysis firm McGraw-Hill Construction announced yesterday that it expects to see a 6 percent growth in U.S. construction in 2013. The projected increase would take construction starts to an estimated $483.7 billion.
“As reported by McGraw-Hill Construction, new construction starts in 2010 edged up 2%, followed by another 1% gain in 2011, and 2012 is headed for a 5% increase to $458 billion. This still leaves the volume of total construction starts 32% below the 2005 peak on a current dollar basis, and down about 50% when viewed on a constant dollar basis,” said Robert Murray, McGraw-Hill Construction’s Vice President of Economic Affairs. “The modest gains experienced during the past two years have in effect produced an extended bottom for construction starts, in which the process of recovery is being stretched out.”
Forecasts for the future of the construction industry have been widely varied over the past few years. You don’t have to search long to find contradicting reports. We take some comfort in seeing a positive projection from a reputable source like McGraw-Hill.