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SOURCE McGraw Hill Construction
Dodge Outlook Report Predicts Rise in Construction Starts for Housing, Commercial & Manufacturing Building Sectors; Stability for Institutional Building After Lengthy Decline; Weaker Activity for Public Works & Electric Utilities
WASHINGTON, Oct. 25, 2013 /PRNewswire/ -- McGraw Hill Construction (http://www.construction.com/), part of McGraw Hill Financial (NYSE: MHFI), today released its 2014 Dodge Construction Outlook, a mainstay in construction industry forecasting and business planning. The report predicts that total U.S. construction starts for 2014 will rise 9% to $555.3 billion, higher than the 5% increase to $508 billion estimated for 2013.
"We see 2014 as another year of measured expansion for the construction industry," said Robert Murray, McGraw Hill Construction's vice president of Economic Affairs. "Against the backdrop of elevated uncertainty and federal spending cutbacks, the construction industry should still benefit from several positive factors going into 2014. Job growth, while sluggish, is still taking place. Interest rates remain very low by historical standards, and in the near term the Federal Reserve is likely to take the necessary steps to keep them low. The bank lending environment is showing improvement in terms of both lending standards and the volume of loans. And, the improving fiscal posture of states and localities will help to offset some of the negative impact from decreased federal funding," said Murray.
Based on research of specific construction market sectors, McGraw Hill Construction's 2014 Dodge Construction Outlook details the forecast as follows.
"The 2014 picture bears some similarity to what's taking place during 2013, with single family housing providing much of the upward push; multifamily housing showing a slower yet still healthy rate of growth after four years of expansion, and commercial building gradually ascending from low levels," added Murray. "One change that's expected for 2014 is that institutional building will no longer be pulling down nonresidential building and total construction."
The 2014 Dodge Construction Outlook was presented at McGraw Hill Construction's 75th annual Outlook Executive Conference in Washington, D.C. Copies of the report with additional details by building sector can be ordered at http://analyticsstore.construction.com/2014-dodge-construction-outlook?sourcekey=PRESREL. Additional reports and projections are available from McGraw Hill Construction Research and Analytics, http://construction.com/market_research.
About McGraw Hill Construction: McGraw Hill Construction provides essential data, news, insights, and intelligence to better inform construction professionals' decisions and strengthen their market position. McGraw Hill Construction's data, analytics, and media businesses – Dodge, Sweets, Architectural Record, and Engineering News-Record – create opportunities for owners, architects, engineers, contractors, building product manufacturers, and distributors to strengthen their market position, size their markets, prioritize prospects, and target and build relationships that will win more business. McGraw Hill Construction serves more than one million customers through its trends and forecasts, industry news, and leading platform of construction data, benchmarks, and analytics, including Dodge MarketShare™, Dodge BuildShare® and Dodge SpecShare®. Construction data is available for North American and global markets. To learn more, visit www.construction.com.
About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI) is a leading financial intelligence company providing the global capital and commodity markets with independent benchmarks, credit ratings, portfolio and enterprise risk solutions, and analytics. The Company's iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power, and McGraw Hill Construction. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com.
Media Contact: Kathy Malangone, Senior Director, Marketing Communications, McGraw Hill Construction, +1 212-904-4376, firstname.lastname@example.org
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