FMI Forecasts 5.8% Growth in Construction
This year’s Overview forecasts a 5.8% growth of construction put in place for the coming year, although it was down 3.7% in 2007. The report estimates that in 2008, construction put in place will total $1.21 trillion, about 9% gross of domestic product.
As for green building, the Overview says that green nonnresidential construction put in place was $13.4 billion in 2006. By 2008, FMI projects $21.2 billion of all new nonresidential construction will employ the use of green-building principles-a 58% increase.
FMI has published the Overview since 1977. The comprehensive report surveys, analyzes and summarizes trends in the building and construction industry and provides all sectors of the construction industry with an overall picture of factors influencing construction spending in the various sectors for the upcoming 18 months.