Deeply unsettled economy continues in region, but stimulus programs provide hope for nonbuilding construction
New York – January 21, 2009 – McGraw-Hill Construction, part of The McGraw-Hill Companies (NYSE: MHP), has released the 2009 Florida Construction Outlook. “Overall, Florida is facing an increasingly difficult economic environment in 2009,” the report says. “Budget troubles at the state level, further pain in housing markets, slower job growth and less accommodating credit markets will conspire to keep construction levels down for the fourth year in a row.”
Highlights of the report conclude:
- Single family construction will fall another 7% to $8.6 billion in 2009, nearly 80% less than the peak of $39 billion in 2005.
- Further double-digit decline for multifamily construction is expected, as starts fall 13%.
- Commercial and institutional construction is expected to fall an additional 9%, plagued by state budget troubles.
- The one bright spot, nonbuilding construction, could benefit from state and federal economic stimulus programs in 2009. Public works and electric power construction is expected to rise 13% next year, and Governor Crist’s “Accelerate Florida” program could fast track $1.4 billion to transportation work, causing this sector to rise 9%.
In addition to the 2009 forecast, the report provides in-depth construction analysis by major sector, as well construction starts for the area dating back to 2002 in more than 10 major categories, including stores and shopping centers, offices, hotels, manufacturing buildings, educational buildings, healthcare, public works, utilities, and multifamily and single family housing.
To purchase and immediately download a copy of the report, visit http://www.analyticsstore.construction.com or call 1-800-591-4462 for more information.
Media may contact Lisa Jaycox at 212-512-3272 or lisa_jaycox@mcgraw-hill.com for complimentary copies of McGraw-Hill Construction reports.
About McGraw-Hill Construction
McGraw-Hill Construction connects people, projects and products across the design and construction industry. For more than a century, the Company has remained North America’s leading provider of construction project information, plans and specifications, product information, industry news, and industry trends and forecasts. In print and online, the Company offers a variety of tools, applications, and resources that easily integrate with its customers’ workflows. Backed by the power of Dodge, Sweets, Architectural Record, Engineering News-Record (ENR), GreenSource and 11 regional publications, McGraw-Hill Construction serves more than one million customers within the $4.6 trillion global construction community. To learn more, visit www.construction.com.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies (NYSE: MHP) is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands including Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2007 were $6.8 billion. Additional information is available at www.mcgraw-hill.com.
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