Executive Search Firm News - Constructions Starts Continue Slide

Constructions Starts Continue Slide

An industry giant predicts that construction starts will continue to decline in 2008.

McGraw-Hill Construction has predicted an overall decline of 8 percent in construction starts by the end of 2007, with another 2 percent drop forecasted for 2008, according to an article in Engineering News-Record.

The reality of the market is more dire than McGraw-Hill predicted only a year ago. The corporation had predicted that 2007 starts would drop only 1 percent, with the single-family home market weakening and other sectors, such as institutional work, remaining steady.

However, turmoil in the sub-prime mortgage market created a major concern for the construction industry and the nation’s economy, says Robert A. Murray, vice president of economic affairs at McGraw-Hill Construction.

“As a result, we’re now predicting downturns in the previously resilient multifamily and commercial segments, as well as continued weakness in single-family home construction," he said.

Single-family home construction remains the main drag on overall construction starts with a 25 percent plunge estimated in 2007. Declines will continue, but could ease considerably in 2008 with dollar volume expected to decline an additional 3 percent, according to a report from McGraw-Hill Construction.

Other findings of the report note that:

• Multifamily housing is expected to slide 8 percent in 2008 to $56.4 billion after a nearly 12 percent drop in 2007
• Commercial buildings will take a hit as well, dropping 6 percent in 2008
• Manufacturing sector will drop 11 percent in dollar volume to $16.5 billion, after experiencing a 40 percent surge in 2007
• Public works projects will enjoy a 3 percent gain to $120.95 billion in 2008
• Highways and bridges are predicted to be a major contributor to growth
• Public-private partnerships will see a 5 percent increase in construction starts to $56.9 billion
• Values of institutional building will rise 4 percent to $118.7 billion, while square footage will remain essentially flat, experiencing a modest 1 percent increase
• School construction will rise 7 percent to $56.3 billion
• Health care starts will flatten with a 1 percent drop predicted

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