by Rebecca Walker — October 19, 2009—Construction should see a modest rebound next year, according to the latest forecast by McGraw-Hill Construction. The report indicated that a rise in the building of single-family houses, apartment buildings, and highways and bridges will offset drops in commercial and manufacturing property.
The construction forecast is another indicator that the recovery is likely to be bumpy. New development will continue to be dragged down by high unemployment and tight credit markets, according to the report, Construction Outlook 2010.
This year the value of starts was expected to fall 25 percent to $419 billion. Next year, starts are expected to rise 11 percent to $466.2 billion, according to McGraw-Hill. Construction starts indicate future construction spending and often correlate strongly with actual spending.
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