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Staying strong in 2008

Post Time:Nov 12,2013Classify:Industry NewsView:124

Despite the United States’ residential slump and the subprime mortgage crash, the nonresidential construction market should experience growth in 2008. However, growth will not be as strong as in 2007, according to a Dec. 13 forecast from the Associated General Contractors, Arlington, Va. Ken Simonson, AGC chief economist, predicted growth between 3 percent and 7 percent for 2008, compared to 14.5 percent in 2007 and 12.3 percent in 2006, according to the forecast. By segment, institutional building will experience the most growth, with education and health care driving construction spending. Read more about the forecast here. The latest Architectural Billings Index from the American Institute of Architects, Washington, D.C., released Dec. 19, also indicates upward momentum for the nonresidential construction sector. Architectural billings provide a 9-to-12-month forecast of construction spending. The ABI rating in November reached 55.3 nationwide, up from 53.2 in October—any score over 50 indicates growth. The Northwest experienced the most growth, with an ABI of 59. The South and Midwest also showed growth, at 56.2 and 54.5, respectively. The West, however, experienced a drop in billings and had an ABI of 46.8. Read more about the November ABI here. Share this article:

Source: http://www.glassmagazine.com/news-item/commercial/staying-strong-2008Author:

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