The construction market has yet to see signs of recovery from the current recession, but the recovery may be coming next year if factors such as employment and bank lending fall into place, according to a forecast released by McGraw-Hill Construction.
Robert Murray, MHC’s vice president of economic affairs, foresees an 8% increase in total construction starts to $445.5 billion in 2011. Much of that prediction is based on the single-family housing market, which finally is seeing substantial growth with starts rising 27% to $126.7 billion.