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Financials
Nonresidential construction forecasted to slip
Green building, institutional to grow
The U.S. construction market is expected to drop 2 percent in 2008, following a projected 8 percent decrease in 2007, according to the 2008 Construction Outlook from McGraw-Hill Construction, New York, released Oct. 25.
Single-family construction will continue to fall, with a 3 percent decline predicted. The previously strong segments of multifamily and commercial also are predicted to drop: multifamily by 8 percent in dollars and 11 percent in units; commercial by 6 percent in dollars and 11 percent in square feet, according to the release.
One segment expected to see modest gains is institutional buildings. Forecasters say the segment will rise 4 percent in dollar volume and 1 percent in square footage, with school construction and transportation terminals leading the growth, according to the release.
The largest overall area of growth for structural construction will be in green building, leading to a predicted increase in demand for sustainable building design and materials, according to the release … read more
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