AGC forecasts predict '09 construction slump
“It is hard to find a pulse in this year’s batch of construction industry forecasts for 2009,” Engineering News-Record reported on Nov. 13. “McGraw-Hill Construction (of which ENR is part) is forecasting a 7.4 percent decline in construction starts in 2009, following declines of 12.4 percent this year and 8.0 percent in 2007. The U.S. Dept. of Commerce forecasts a 7.5 percent decline in total new construction put-in-place in 2009, following this year’s 6.3 percent decline. The Portland Cement Association looks for construction put-in-place to fall 13.9 percent next year, after adjusting for inflation. FMI Corp. anticipates a 7.4 percent decline in total construction work next year. The National Association of Home Builders calls for housing starts to post their fourth consecutive year of double-digit declines, with another 16.2 percent drop in 2009.”
“Midyear shortfalls totaling $24.3 billion have opened up in the 2009 budgets of at least 31 states and the District of Columbia,” the Center on Budget and Policy Priorities reported on Wednesday, according to a Nov. 14 Data DIGest report.