Construction Market Expected to Show Modest Growth in 2014

By Anonymous -

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

Comments

Post a Comment

Popular posts from this blog

The Dotted Line: When Contractors Can Walk Off the Job

By -
When general contractors or subcontractors sign on to construction projects, they usually start off believing everything will run smoothly. But, during the course of the work, issues sometimes arise that force all parties to go running back to their contracts in order to evaluate their options. One of those options for construction companies is to simply stop work, but contractors need to take care when making such a big decision. “Stopping work and ultimately terminating the contract is one of the most radical things you can do,” said Joseph McManus Jr., attorney and shareholder at law firm Carlton Fields.   Luckily, most of the circumstances under which contractors are clearly entitled to stop work are included in the most popular standard forms of contracts. Nonpayment The most common reason that contractors find it necessary to stop work, McManus said, is that they haven’t been paid for approved invoices. In that scenario, he said, contractors have the ...
Read more

"Mass-timber" Sees Greater Use in Roofing and Construction Projects in Europe

By -
Image
The use of "mass-timber," or prefabricated engineered wood components is becoming more common in construction and roofing applications in Europe. In projects such as the galleria roof of a central city building in Surrey, it helps meet demand for wood structures to add visual appeal. From NRCA Trenton H. Cotney Florida Bar Certified Construction Lawyer Trent Cotney, P.A. 407 N. Howard Avenue Suite 100 Tampa, FL 33606 www.trentcotney.com
Read more