Construction Forecast 2012 Key Findings McGraw-HillBased on significant research and in-depth analysis of macro-trends, the 2012 Dodge Construction Outlook details the forecasts for each construction sector, as follows.
- Single family housing in 2012 will improve 10% in dollars, corresponding to a 7% increase in the number of units to 435,000. This is still a low amount, as the excess supply of homes due to foreclosures continues to depress the market.
- Multifamily housing will rise 18% in dollars and 17% in units, continuing its moderate, upward trend.
- Commercial building will grow 8%. Warehouses and hotels will see the largest percentage increases, but improvement for offices and stores will be modest.
- The institutional building market will slip an additional 2% in 2012, after falling 15% in 2011. The tough fiscal environment for states and localities will continue to dampen school construction, and the uncertain economic environment will limit growth in healthcare facilities.
- Manufacturing buildings will increase 4%, following the 35% gain in 2011, as the low value of the U.S. dollar continues to support export growth.
- Public works construction will drop a further 5%, after a 16% decline in 2011, due to spending cuts and the absence of a multiyear federal transportation bill for highway and bridge construction.
- Electric utilities will retreat 24%, following a 48% jump in 2011.