“ Single-family housing has fallen more steeply than what we had anticipated, and the correction is taking place faster ”
Construction Market Data and Research, as well as 2007 Construction Outlook featured in report. Report covers construction market data and research, as well as the 2007 construction forecast.
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PRWEB) November 28, 2006 -- On October 27, 2006 at its 68th annual Outlook Executive Conference McGraw-Hill Construction, part of The McGraw-Hill Companies (NYSE: MHP), released its 2007 Construction Outlook. This report covers
construction market data and research, as well as the 2007 forecast.
Single-family housing has fallen more steeply than what we had anticipated, and the correction is taking place faster
The forecast is that the 2007 construction market will be a mix of pluses and minuses, with the net result that the forecast for total construction is $668 billion, a modest 1% decline.
The forecast will be influenced by the deflation of the single-family construction market, which boomed from 2000 - 2005, remaining high until 2006, when it deflated at a faster rate than expected. "Single-family housing has fallen more steeply than what we had anticipated, and the correction is taking place faster," states Robert Murray, McGraw-Hill Construction vice president of Economic Affairs and Chief Economist. He continues, stating that the construction industry "no longer has single-family housing to bolster total construction."
Despite this 5% forecasted decrease in single-family housing, the construction industry will have several growth sectors. Among the
construction market data in the report's findings for 2007:
Institutional buildings will advance 7% in dollar volume and 4% in square footage.
Manufacturing building is expected to rise 14% from a lackluster 2006 performance.
Public works construction will grow 5% on top of the 10% increase in 2006 due to highway and bridge construction, as well as environmental projects.
For the complete 2007 Construction Outlook, including construction market data and research, plus a webcast of the conference speakers, go to
www.analyticsstore.construction.com
About McGraw-Hill Construction
McGraw-Hill Construction, part of The McGraw-Hill Companies (NYSE: MHP), connects people, projects and products across the design and construction industry. Backed by the power of Dodge, Sweets, Engineering News-Record (ENR), Architectural Record, and Regional Publications, the company provides information, intelligence, tools, applications and resources to help customers grow their business. McGraw-Hill Construction serves more than one million customers within the $4.6 trillion global construction community. For more information, visit
www.construction.com.
