Stimulus funds will insulate state from steeper declines; recovery expected early 2010
New York – July 15, 2009 – McGraw-Hill Construction, part of The McGraw-Hill Companies (NYSE: MHP), has released the 2009 Texas Construction Outlook: Mid-Summer Update. Although Texas has weathered the housing downturn better than the rest of the country, the global recession, credit crisis, and Hurricane Ike have proven to be relentless in weakening the state’s construction activity in 2009. Construction starts are expected to decline 21% to $49.8 billion, the steepest drop since 1967.
Highlights of the report conclude:
- Nonbuilding construction will be the one sector to improve, with 12% expected growth. Highway and bridge construction, buoyed by the federal stimulus, will be the drivers of this expansion.
- Housing construction will wane for the third year in a row, dropping 22% to $16.1 billion in 2009, with declines spread evenly across the single family and multifamily markets.
- Nonresidential construction will pull back a notable 32% to $21.4 billion, with both commercial and institutional starts contracting.
In addition to the 2009 forecast, the report provides an in-depth analysis of the impact of stimulus funding on the state’s construction starts. It also presents historical construction data since 2003 for 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 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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