New Construction Starts to Climb 6% in 2013
Housing continues to lead the upturn, accompanied by modest gains for commercial building and public works, but institutional building remains in retreat.
NEW YORK – August 12, 2013 – New construction starts are forecast to rise 6% this year to $506 billion, according to the Midyear Update to the 2013 Construction Outlook from McGraw Hill Construction (https://www.construction.com/), a division of McGraw Hill Financial. This is the same rate of increase for total construction starts that was predicted last October, and follows the 8% gain that took place in 2012.
“The recovery for construction continues to unfold in a selective manner, proceeding against the backdrop of the sluggish U.S. economy,” stated Robert A. Murray, vice president of economic affairs for McGraw Hill Construction. “While the degree of uncertainty affecting the economy seems to have eased a bit from last year, tight government financing continues to exert a dampening effect on both the economy and the construction industry. On the positive side for construction, the demand for housing remains strong, market fundamentals for commercial building are strengthening, and lending standards for commercial real estate loans continue to ease gradually. On balance, the recovery for construction is making progress, but at a single-digit pace given the mix of pluses and minuses by major sector.”
Following are the main points by sector for the 2013 construction market:
In addition to the Midyear Update, Murray is the author of the annual Dodge Construction Outlook, providing a look at the year ahead, which is released each October at McGraw Hill Construction’s Outlook Conference in Washington, DC. For more information about the conference, visit http://Outlook2013DC.com/
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About McGraw Hill Construction:
McGraw Hill Construction’s data, analytics, and media businesses – Dodge, Sweets, Architectural Record, and Engineering News-Record – create opportunities for owners, architects, engineers, contractors, building product manufacturers, and distributors to strengthen their market position, size their markets, prioritize prospects, and target and build relationships that will win more business. McGraw Hill Construction serves more than one million customers through its trends and forecasts, industry news, and leading platform of construction data, benchmarks, and analytics, including Dodge MarketShare, Dodge BuildShare, and Dodge SpecShare. To learn more, visit www.construction.com.
About McGraw Hill Financial:
McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power, and McGraw Hill Construction. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.
Kathy Malangone, Senior Director, Marketing Communications, McGraw Hill Construction, +1 212-904-4376, firstname.lastname@example.org