According to the McGraw-Hill Construction Information Group's annual Construction Outlook '99 forecast, next year's market will see a mix of strengthening and weakening construction sectors, keeping total construction in current dollars steady with its 1998 volume. This year marked the construction industry's seventh straight year of expansion, leading to the continued strength predicted for 1999, despite no overall growth.
"The Asian crisis is slowing the U.S. economy, but so far strong domestic growth is affecting the widening trade gap," says David Wyss, chief economist for Standard and Poor's/DRI. "The recent rise of the Yen is beginning to ease the crises in emerging markets. The Federal Reserve's aggressive interest rate cuts are helping to steady the construction industry."