WASHINGTON, D.C. — McGraw-Hill Construction, part of The McGraw-Hill Companies, released its 2011 Construction Outlook, which predicts an increase in overall U.S. construction starts for next year. The level of construction starts in 2011 is expected to advance 8 percent to $445.5 billion, following the 2-percent decline predicted for 2010.
Based on significant research and in-depth analysis of macro-trends, the 2011 Construction Outlook details the forecasts for each construction sector, as follows:
- Single family housing in 2011 will climb 27 percent in dollars, corresponding to a 25-percent increase in the number of units to 565,000 (McGraw-Hill Construction basis).
- Multifamily housing will rise 24 percent in dollars and 23 percent in units, continuing to move gradually upward.
- Commercial buildings will increase 16 percent, following a three-year decline, contracting 62 percent in dollar terms. The levels of activity expected for stores, warehouses, offices, and hotels in 2011 will still be quite weak by historical standards.
- The institutional building market will slip an additional 1 percent in 2011, retreating for the third straight year. The difficult fiscal climate for states and localities will continue to dampen school construction, although the health care facilities category should see moderate growth.
- Manufacturing buildings will increase 9 percent in dollars and 11 percent in square feet.
- Public works construction will drop 1 percent, given the fading benefits of the federal stimulus act for highway and bridge construction.
- Electric utilities will slide 10 percent, falling for the third year in a row.
For more information on the 2011 Outlook, visit http://bit.ly/aI70EF.