Construction-Starts Slide To Continue in 2008

An overall decline in construction starts in the United States has proven more dire than once predicted. McGraw-Hill Construction, corporate affiliate of Engineering News-Record and enr.com, estimates that the industry will experience an 8% decline in construction starts in 2007 and another 2% drop is forecast for 2008.
The forecast was released today during McGraw-Hill Construction's 2008 Construction Outlook in Washington, D.C.
After reaching a record $668.9 billion in total construction starts in 2006, values are expected to hit $626.7 billion for 2007 and $614.1 billion in 2008. Last year, McGraw-Hill Construction predicted that starts in 2007 would drop 1%, as the single family home market weakened and other sectors, such as institutional work, remained strong.