After three years of declines, the construction market may be eyeing a rebound in 2010 thanks to a much improved residential sector, but for designers and contractors in other building sectors, it could be too soon to celebrate.
McGraw-Hill Construction is forecasting that total construction starts will climb 11% to $466.2 billion in 2010, following an estimated 25% decline in 2009.
After a 39% drop in construction between 2006 and 2009, an improving residential market and signs of strength in select public-sector markets such as transportation and infrastructure could spark an overall turnaround in 2010, says Bob Murray, vice president of economic affairs for McGraw-Hill Construction.
“This is not a booming market; it is just inching upward,” Murray says.
The main buoy for the industry is single-family housing, which could rise 30% from an estimated 430,000 units started in 2009 to 560,000 starts. That would be on par with 2008 when 549,000 units were started.
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