National Association of Realtors
Realtor Magazine Online
Daily Real Estate News October 26, 2007
Business has been good in the multifamily and commercial segments, even though single-family home construction has been in the pits. Now McGraw-Hill 2008 Construction Outlook forecasts a drop in commercial construction, fueled by tighter lending and weaker job growth."The credit crunch that emerged at mid-2007 continues to be a major concern for construction and the overall economy," says Robert A. Murray, Vice President, Economic Affairs, McGraw-Hill Construction. "As a result, we're now predicting downturns in the previously resilient multifamily and commercial segments, as well as continued weakness in single-family home construction."The forecast wasn’t all bleak. Transportation projects are expected to grow moderately, including infrastructure maintenance and upgrades, particularly in the aftermath of the bridge collapse in Minneapolis. Iinstitutional building, including school construction, is expected to strengthen again after its 2007 pause, and transportation terminals are also expected to grow.
Source: McGraw-Hill Construction (10/25/2007)
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