A fifth straight year of decline is how 2011 will go into the record books, with no growth likely next year. That's the sobering forecast from McGraw-Hill Construction.
In light of the sluggish economy, construction spending continues to limp along in a depressed state with few limited signs of hope on the horizon. McGraw-Hill Construction, the parent of ENR, estimates that 2011 will close out with a 4% drop in total construction starts to $410 billion, marking the fifth year in a row of decline. Analysts forecast that 2012 will see essentially flat activity with an estimated $412 billion in starts.