Volatile housing sector appears to be near bottom; stimulus funds provide some stability
New York – July 14, 2009 – McGraw-Hill Construction, part of The McGraw-Hill Companies (NYSE: MHP), has released the 2009 Florida Construction Outlook: Mid-Summer Update. “The crisis in Florida’s construction markets will continue for the fourth consecutive year,” the report says. “By the end of 2009, Florida’s starts are expected to total $27.8 billion, just 40% of the last peak in 2005, and 13% lower than levels in 2008.”
Highlights of the report conclude:
- Single family construction will fall 42% to $5.3 billion in 2009, a mere 14% of the 2005 peak. A significant decline for multifamily construction is also expected this year, as starts fall 35%; but overall, hope is emerging that the residential bottom is close, since housing has become more affordable and condo sales are beginning to gain traction.
- Commercial construction is likely to experience a very deep correction in 2009, with an expected decline of 38% to $4.4 billion.
- Institutional construction will manage a small gain of 4% in 2009, due mainly to a large upswing in healthcare and public building construction.
- The outlook for nonbuilding construction is the most encouraging. Benefits from state and federal economic stimulus funding are expected to raise this sector’s construction starts by 50% in 2009, finishing out the year at $9.4 billion.
To purchase and 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, HQ 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 is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as 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 2008 were $6.4 billion. Additional information is available at www.mcgraw-hill.com.
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Media Contacts:
Lisa Jaycox, Communications Specialist,
The McGraw-Hill Companies Information & Media, +1 212-512-3272, lisa_jaycox@mcgraw-hill.com
Kathy Malangone, Senior Director, Marketing Communications,
McGraw-Hill Construction, +1 212-904-4376, kathy_malangone@mcgraw-hill.com
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