Despite Slow Down, Construction to Grow in 2001
Even though construction activity won't grow as dramatically as it did in the year 2000, a moderate growth of 5 percent is projected, according to the Raleigh, N.C.-based market research firm FMI Corporation.
Staff
Even though construction activity won't grow as dramatically as it did in the year 2000, a moderate growth of 5 percent is projected, according to the Raleigh, N.C.-based market research firm FMI Corporation.
As detailed in FMI's First Quarter 2001 Construction Outlook, educational building construction has been slated for a healthy 10-percent growth in 2001, as compared to 17-percent growth in 2000, bringing the market to $43 billion this year. With retrofit work also projected to grow 10 percent, this will add an additional $20 billion to the market, according to FMI.
In the arena of office construction, FMI researchers anticipate 9-percent growth this year, as compared to 12 percent in 2000, for a total of $48 billion in new construction work, and $13 billion in retrofits, up 8 percent from last year.
New construction in the retail facilities market should grow 6 percent, a few percentage points shy of last year's growth of 9 percent. FMI researchers project that $30 billion will be spent on new buildings and $15 billion on retrofits.
Continuing growth in new retail construction and a renewal of new industrial construction will enable new warehouse construction to grow by 2 percent, bringing the market to $20 billion in 2001, according to FMI.