December Headlines
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* Construction Starts – November Construction Slides 3%
* Monthly Feature - New York Metropolitan Area Faces Construction Downturn in 2009
* New Reports - The latest market intelligence on green, forecasting and regional construction
Monthly Construction Start Statistics:
November Construction Slides 3%
November construction starts fell 3% from the previous month to $454.5 billion (annual rate), the weakest level so far in 2008. Residential building dropped 9%, the result of declines for both the single family and multifamily sides of the housing market. Single family housing has now shown decreased activity in ten out of the first eleven months of 2008. Nonresidential building in November slipped 2%. The commercial sector included steep reductions for warehouses and offices, and healthcare facilities settled back from a brisk October. On the plus side, educational buildings continued to show strength, rising 7%. Nonbuilding construction in November improved 1%, helped by increases for highways and river/harbor development.
Through the first eleven months of 2008, total construction came in at $509.9 billion, down 16% from a year ago. Residential building plunged 39% year-to-date, reflecting substantially reduced activity for both single family and multifamily housing. Nonresidential building was essentially flat year-to-date, although its major segments showed varied behavior. The commercial sector fell 17%, while growth was still reported for institutional buildings, up 6%; and manufacturing buildings, up 56%. Nonbuilding construction edged up 2% year-to-date, as a surge of electric utility projects (up 53%) outweighed a loss of momentum for public works (down 5%).
For more information, call (800) 591-4462, or read here for the monthly press release on construction start statistics.
New York Metropolitan Area Faces Construction Downturn in 2009
by Kim Kennedy and Julie Miltner, McGraw-Hill Construction Research and Analytics
The New York metropolitan area will see sharply diminished construction in 2009, with construction starts expected to decline 19%. The financial market crisis is having a negative impact on the region's economy, as widespread layoffs on Wall Street are cutting into demand for commercial space as well as reducing tax revenues for the city and the state.
View Full Story here.
New Reports
McGraw-Hill Construction has published a series of market intelligence reports on green building trends, construction forecasting and regional market activity. Get strategic knowledge and tangible insights into fluctuating market opportunities, and learn how to position your firm for a successful 2009.
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