US construction spending forecast to fall through ’11
Oct 06, 2009 | 10:20 AM
| Corinna Petry
Due to the collapse in non-residential construction, and notwithstanding an expected recovery of residential building in the second half of 2009, total construction spending in the United States is expected to fall 12 percent this year and 4 percent in 2010, according to construction service analysts at IHS Global Insight.
Spending is expected to rebound with double-digit growth on an annual basis in 2011 and 2012, according to the consultancy's third-quarter U.S. construction outlook.
"The mixed outlook for the construction market mirrors the mixed outlook for the broad economy. While the outlook for non-residential construction is weak for this year and next, residential construction—driven by a single-family housing market verging on recovery—is expected to expand in the second half of 2009, climbing 2.1 percent quarter on quarter in the third quarter and 4.8 percent in the fourth (quarter)," the analysts said.....
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