North American Construction Activity Expected to Decline 6.3% Next Year; Predicted to Recover by 2003, According to CMD Conference
According to Bill Toal, chief economist for the Portland Cement Association, the U.S. construction industry can expect an overall decline of 6.3 % in activity next year due to the economic downturn. Still, "by historical contrast, this would put construction spending back to slightly above 1998 levels, which were record levels of activity," he said.
"We expect a 10% decline in private, non-residential construction spending next year after a 5.4% drop this year," Toal said.
Toal said it won't take long for the construction industry to recover, and he predicts the construction industry overall will see a 4.2% increase by 2003.