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| Forecasters see easing growth in U.S. construction activity next year Despite the continued sagging housing industry, the nonresidential construction market has shown solid gains this year and spending is expected to increase by 7.2 percent in 2007 in inflation adjusted terms, following the growth of near six percent in 2006. Led by heavy demand for institutional projects, the growth in 2008 is expected to be at a slower pace, closer to a three percent gain in total activity. These are highlights from The American Institute of Architects (AIA) semi-annual Consensus Construction Forecast. The AIA Consensus Construction Forecast Panel is conducted twice a year with the leading nonresidential construction forecasters in the United States including, McGraw Hill Construction, Global Insight, Moody's economy.com, Reed Business Information, FMI, and the Portland Cement Association. The purpose of the Consensus Construction Forecast Panel is to project business condition in the construction industry over the coming 12 to 18 months. The Consensus Construction Forecast Panel has been conducted for almost 10 years. write your comments about the article :: © 2007 Construction News :: home page |