FMI, management consultants and investment bankers for the construction industry, recently released its Construction Outlook: Second Quarter 2009 Report.
FMI’s Construction Outlook, a quarterly, construction-market forecast and supplement to the U.S. Markets Construction Overview FMI has produced for the past 30 years, forecasts total construction in 2009 and 2010 will be down 13% and 7%, respectively.
Last quarter, the outlook for construction was described as “just plain ugly” and unfortunately, this still holds true.
Report highlights include:
Residential construction will decline 19% in 2009 and 1% in 2010.
Nonresidential construction will turn negative this year and decline 14% with even further declines of 17% in 2010.
Nonbuilding construction will continue to be the only bright spot, increasing 4% per year in 2009 and 2010.
The economy may show some signs of improvement, but it is just the beginning of the downfall for nonresidential construction.
Click here to download the full 8-page report (PDF file).
