Updated: April 6th, 2009 02:52 PM EDT
2009 Construction Starts Estimated at $463.1 Billion, Down 15%, McGraw-Hill Construction Reports
McGraw-Hill Construction
New York, NY - McGraw-Hill Construction, part of The McGraw-Hill Companies, has released its 2009 Construction Outlook Spring Update, providing updated 2009 forecasts of construction starts for various project types.
The major findings of the forecast, authored by Robert Murray, vice president of economic affairs for McGraw-Hill Construction, include:
New construction starts for 2009 are estimated at $463.1 billion, down 15%, but cushioned by support provided by the recently enacted stimulus legislation, the American Recovery and Reinvestment Act of 2009.
Public works will see the most immediate benefit from the stimulus act, with construction starts climbing 10%, including a 15% rise for highways and bridges. Without the stimulus funding, it is estimated that public works in 2009 would have fallen 10%, restrained by the deteriorating fiscal health of state and local governments.
Institutional building in 2009 will retreat 6%, as the weak financial environment takes its toll on educational and healthcare facilities. The stimulus funding will provide a lift to military facilities and energy upgrades for federal buildings, which will moderate this year's overall institutional decline.
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