Construction activity down 46% from 2001 in the U.S.
A U.S. economist has predicted a dismal year ahead for non-residential construction. Ed Sullivan, chief economist f...
A U.S. economist has predicted a dismal year ahead for non-residential construction. Ed Sullivan, chief economist for the Portland Cement Association, advised its members that the total construction market in the U.S. will decline in 2003, continuing a trend started in 2002.
The industrial sector in the U.S. has a 46 per cent year-to-date decline in 2002 compared to 2001, and the Portland Cement Association expects it to decline another 18 per cent in 2003, with no recovery expected until mid-2004.
Office construction is down 29% from 2001, partly as a result of the technology sector collapse and overbuilding. In the retail sector there is also a surplus of space, with a 8.3% decrease in activity in 2002.
Two sectors look more promising for 2003: the residential and public buildings sectors. Construction activity in public buildings in 2002 was 4.8 per cent higher than the year before, and is expected to remain level in 2003.