Sobering Up/National Construction Industry Applies Brakes for 2008

摘要

A year ago, many industry observers forecast that construction starts-after years of record highs-were headed for a slight cool-down in 2007. After peaking at 682.5 billion dollars in 2006, the slumping residential market was expected to drag total construction starts down. Current data suggest that the 2007 market correction was even deeper than predicted with overall declines expected to continue through 2008. McGraw-Hill Construction, which publishes this magazine, estimates that the industry experienced an 8 percent decline in construction starts in 2007, and another 2 percent drop is forecast for 2008. Total construction start values are expected to hit 626.7 billion dollars for 2007 and 614.1 billion dollars in 2008. Last year, MHC predicted that starts in 2007 would drop 1 percent as the singlefamily home market weakened and other sectors, such as institutional work, remained strong.