Near double-digit growth in works for construction put in place

FMI is forecasting an 8 percent increase in total construction put in place for 2013, attributing the forecast to more robust growth in residential construction and a few strong markets in nonresidential and non-building construction.

According to FMI, private markets must lead the way in order for the economy to grow at a faster rate. Private markets must lead, FMI says, because of the looming fiscal cliff and the fact that state and municipal budgets are still in repair mode.

In residential construction, FMI reports housing starts rose to 603,000 units per year as of September. Single-family permits also rose to a 545,000-unit pace, or 6.7 percent, returning to levels not seen since July 2008.