2007 New Construction Market Expected to Drop 6% to $641.4 Billion, McGraw-Hill Construction Reports
McGraw-Hill Construction releases the Construction Outlook 2007 Midyear Update.
New York, NY (PRWEB) September 5, 2007 -- McGraw-Hill Construction, part of the The McGraw-Hill Companies MHP, today released its annual Construction Outlook Midyear Update, providing insight into the construction market forecast through the end of 2007.
The major findings of the forecast include:
- New construction is expected to drop 6% to $641.4 billion.
- Single family housing expected to continue to decline, with renewed expansion not expected until 2008 at the earliest.
- Institutional buildings are expected to gain 7% in dollar value, with biggest gains in the public building category and continued strength in education and healthcare facilities.
- Commercial office construction continues to rise.
With the recent volatility in the credit markets, the single family housing market downturn is expected to be prolonged and deepened. The forecast also details the effects of the financial and credit market volatility.
However, the 2007 construction market continues to be helped by relatively healthy state and local finances, as well as appropriations by the federal government. Additional monies are expected for infrastructure, with the collapse of the I-35W bridge in Minneapolis shedding light on the need for greater funding in this area.
In addition to the McGraw-Hill Construction's 2007 Construction Outlook: Midyear Update, McGraw-Hill also offers a variety of construction research and analysis reports.
On October 25, 2007, McGraw-Hill Construction will hold its 69th Outlook Executive Conference, where the 2008 Construction Outlook will be released.
About McGraw-Hill Construction:
McGraw-Hill Construction, part of The McGraw-Hill Companies MHP, connects people, projects and products across the design and construction industry. Backed by the power of Dodge, Sweets, Engineering News-Record, Architectural Record, GreenSource, and Regional Publications, the company provides information, intelligence, tools, applications and resources to help customers grow their business. McGraw-Hill Construction serves more than one million customers within the $4.6 trillion global construction community. For more information, visit http://www.construction.com/.
About The McGraw-Hill Companies:
Founded in 1888, The McGraw-Hill Companies MHP is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2006 were $6.3 billion.
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