Commercial work not in danger of recession – report
Daily Journal of Commerce
POSTED: 06:00 AM PST Thursday, December 6, 2007
BY DJC STAFF
Commercial builders shouldn’t fear a recession in 2008, a report issued Wednesday said.
The report by FMI Research Services Group said nonresidential construction will increase in 2008, but at a slower rate than in 2007. Commercial building will expand at a 5 percent rate in 2008 and at a 4 percent rate in 2009, the report said, as demand lowers for certain nonresidential segments.
Nonresidential construction isn’t expected to recover until 2009, the report said. Put-in-place construction will see a smaller decline than housing starts due to rising labor and materials costs, upgrades and the use of higher-end materials, according to the report.
Despite declines in residential and single-family construction, each sector will remain at a high level, the report said.
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