Construction Market Expected to Show Modest Growth in 2014
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 impr...