With only weeks remaining before a combination of tax hikes and spending cuts are set to kick in, construction industry officials are anxiously watching the progress of White House and congressional negotiations to stave off that painful outcome.

If there is no deal and the economy tumbles off the so-called fiscal cliff, construction could be clobbered by three strong punches: infrastructure spending reductions, higher taxes for many small or family-owned companies and an economic downturn that would almost certainly curb demand for new projects.