McGraw-Hill Predicts California Construction to Decline in 2007; Still Better than 2000
McGraw-Hill Construction, part of The McGraw-Hill Companies, released Construction In-Sight: California, a report that provides invaluable market intelligence for the sizable California construction market.
The study shows that the California construction market will be a mix of pluses and minuses for 2007. Net results reveal that construction starts will total $65 billion, down 2 percent from 2006 but still 23-percent higher than construction starts in 2000. The 2007 decline follows an 8-percent downturn in 2006, which was the first drop in California construction since 1995.
The reason behind the downturn, the report reveals, is the bursting of the housing bubble, which caused sharp declines in the state's residential construction market during both 2006 and 2007. By contrast, both nonresidential construction (commercial, industrial and institutional project types) and nonbuilding construction (public works and utilities) continue to climb in 2007 following gains in 2006. This resilience and the reasons behind it are what make California a unique and compelling construction market.
The Construction In-Sight: California report includes an analysis of the California economy, an assessment of each construction market (by structure type and geography), information on green building trends, a valuable list of the top projects of 2007, as well as the top owners, contractors and architects by construction industry sector.
For more information, visit www.analyticsstore.construction.com or call 800/591-4462.
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