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Construction Battles Back from Recession

Although the improvements in the construction market are slight, there are some signs of growth, even in these tough times.

By staff Writer | Updated on July 05, 2010

By Kate Lasky, associate corporate attorney and John Parker, legal department manager, NBIS

With the construction market suffering record lows during the economic recession, many are wondering what the prognosis is for the industry and whether there are any areas of the construction market that are growing despite the poor economy. Although the improvements in the market are slight, there are some signs of growth and certain segments are doing particularly well, even in these tough times.

Although residential building still has a way to go, commercial building and non-building construction is slowly making a comeback. Green construction in any of these areas continues to expand rapidly and maintain its place as the new, “hot” construction trend. By educating oneself in green construction, and making oneself available to this rapidly expanding market, the immediate future can be brighter.

Related: Read “Why agents need to know green.”

The recent forecast and trends of construction provided by McGraw-Hill Construction, a leading provider of construction project and product information, states that overall April 2010 construction starts dropped by 9 percent. This decline was due mostly to a slowdown in both nonresidential and residential building. However, nonbuilding construction saw an increase of construction starts of 19 percent in February 2010 and 6 percent in April 2010. Nonbuilding construction starts were dominated by environmental public works, highway and bridge construction. New road paving and widening projects funded by recent federal stimulus initiatives accounted for most these construction starts.

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