Construction market forecast: No downturn in nonresidential construction in 2008

FMI’s outlook for construction in 2008 has been revised slightly downward since the third quarter, but certain segments, such as nonresidential and nonbuilding, will remain strong.

12/19/2007



FMI, Raleigh, N.C., has released its “ Construction Outlook: Fourth Quarter 2007 .” FMI’s outlook for construction in 2008 has been revised slightly downward since the third quarter, but certain segments, such as nonresidential and nonbuilding, will remain strong, the report states.

The Construction Outlook, a quarterly construction market forecast developed by FMI’s Research Services Group, notes that FMI is not yet predicting a national recession or a downturn in nonresidential construction in 2008, though the outlook is tipped slightly downward.

Nonresidential construction was booming in 2007 and will increase again in 2008, although at a slower rate, the report notes. Nonresidential construction will expand at a 5% rate in 2008 and a 4% rate in 2009 as the declines in residential begin to lower demand for certain nonresidential segments, the report predicts.





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