Dodge Outlook Report Predicts Economic Slowdown to have Broad Based Impact on Total Construction Growth
CHICAGO, IL – October 31, 2019 – Dodge Data & Analytics today released its 2020 Dodge Construction Outlook, a mainstay in construction industry forecasting and business planning. The report predicts that total U.S. construction starts will slip to $776 billion in 2020, a decline of 4% from the 2019 estimated level of activity.
“The recovery in construction starts that began during 2010 in the aftermath of the Great Recession is coming to an end,” stated Richard Branch, Chief Economist for Dodge Data & Analytics. “Easing economic growth driven by mounting trade tensions and lack of skilled labor will lead to a broad based, but orderly pullback in construction starts in 2020. After increasing 3% in 2018 construction starts dipped an estimated 1% in 2019 and will fall 4% in 2020.”
“Next year, however, will not be a repeat of what the construction industry endured during the Great Recession. Economic growth is slowing but is not anticipated to contract next year. Construction starts, therefore, will decline but the level of activity will remain close to recent highs. By major construction sector, the dollar value of starts for residential buildings will be down 6%, while starts for both nonresidential buildings and nonbuilding construction will drop 3%.”
The pattern of construction starts for more specific segments is as follows:
The 2020 Dodge Construction Outlook was presented at the 81st annual Outlook Executive Conference held by Dodge Data & Analytics at the Renaissance Chicago Downtown Hotel in Chicago, IL. Copies of the report with additional details by building sector can be ordered here or by calling (800) 591-4462.
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Allison Heard | 104 West Partners | firstname.lastname@example.org
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