Friday, July 23, 2010

FMI’s Construction Outlook: Second Quarter 2010

Here's the latest news about the Construction Industry in an article from an outfit called "FMI". On of my blog readers was very kind to bring this article to my attention.

FMI provides "management consulting" and "investment banking" services to the Construction Industry.

I have yet to read through the entire article, so no comments for now.

The full article and the report can be found at this internet address:

FMI’s Construction Outlook: Second Quarter 2010 Report Now Available
July 1, 2010, by Sarah Vizard

Here's the internet address for the article:

Here are some excerpts from the article:

"While there have been positive signs for the general economy, unfortunately, the outlook for put in place construction for 2010 remains bleak. Total construction in 2010 will be down 5% after declining in 2009. Residential construction is expected to begin recovering in 2010. Nonresidential construction will decline 16% in 2010. Nonbuilding construction will continue to be a positive contributor thanks to the support of power and conservation and development construction.

The construction industry should prepare for another year of decline in nonresidential construction. Construction lost 35,000 more jobs in May. There have been losses in 31 out of 33 consecutive months, bringing the construction unemployment rate to 20.1%, compared to 27.1% in the first quarter. An increase in residential construction in 2010 could begin to turn the employment situation, but it is unlikely that it would do much to offset the losses from nonresidential construction."

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