Posted on Friday, 10.23.2009Florida Construction Market to Increase 11% Next Year
According to McGraw-Hill Construction’s annual industry outlook, the level of construction starts in 2010 is expected to jump 11% to $466.2 billion. This is great news for Miami real estate
Improvements in the Miami housing market and public works construction is expected to help the Miami real estate
bounce back from a 25% decline that is predicted for 2009.
Robert Murray, vice president of economic affairs for McGraw-Hill Construction, which is part of the McGraw-Hill Costruction said, “The U.S. construction market in 2010 will be helped by growth for several sectors, following three straight years of decline that brought total construction activity down 39% from its mid-decade peak.”
On Friday, he addressed more than 300 engineers, architects and other construction professionals at the 71st annual Outlook 2010 Executive Conference in Washington, D.C.
Public works construction, given more wide-ranging strength across all project types, is expected to rise 14%. Multifamily housing is expected to improve 16% in dollars and 14% in units, following steep reductions in 2008 and 2009.Other report highlights include:
- For 2010, single family housing will advance 32% in dollars, corresponding to a 30 % increase in the number of units, to 560,000.
- Following a 43% drop in 2009, Commercial buildings will drop 4% in dollars.
- Institutional building will be helped by the movement to green federal buildings. Square footage in the sector will retreat an additional 2 percent after falling 23% this year, and the dollar amount of construction will edge up 1%.
- Manufacturing buildings will drop 14% in dollars and 3% in square feet.