Construction Market Expected to Show Modest Growth in 2014

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McGraw Hill Construction, a division of The McGraw Hill Cos., New York, recently released its 2014 Dodge Construction Outlook, which predicts that construction starts in 2014 will rise 9 percent to $555 billion. This follows the 5 percent increase estimated for 2013. 


"We see 2014 as another year of measured expansion for the construction industry," says Robert A. Murray, vice president of economic affairs for McGraw-Hill Construction. "Against the backdrop of elevated uncertainty and federal spending cutbacks, the construction industry should still benefit from several positive factors going into 2014. 

"Job growth, while sluggish, is still taking place," he continues. "Interest rates remain very low by historical standards, and in the near term, the Federal Reserve is likely to take the necessary steps to keep them low. The bank lending environment is showing improvement in terms of lending standards and the volume of loans. And the improving fiscal posture of states and localities will help to offset some of the negative impact from decreased federal funding." 

Expectations released in the 2014 Dodge Construction Outlook include:
  • Single-family housin

    g climbing 26 percent in dollars and 24 percent in the number of units
  • Multifamily housing increasing 11 percent in dollars and 9 percent in units
  • Commercial buildings increasing 17 percent in dollars
  • Institutional buildings increasing 2 percent in dollars
  • Public works construction falling 5 percent
  • Electric utility construction dropping 33 percent
(From NRCA)

Trenton H. Cotney
Florida Bar Certified Construction Lawyer
Trent Cotney, P.A.
1211 N Franklin St
Tampa, FL 33602

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