Construction-put-in-place expected to top $1 trillion in 2014
With construction put in place (CPIP) at the end of 2012 expected to be between $826 and $884 billion, researchers at FMI are predicting CPIP growth rates to be slightly ahead of GDP in 2013 and 2014. This would place the CPIP at more than $1 trillion by the end of 2014, nearly 6 percent of GDP.
FMI is predicting residential CPIP to return to double-digit growth next year, as well. The firm also expects transportation and health care CPIP to reach record levels by 2013.
At the same time, FMI expects commercial buildings, offices, manufacturing facilities, communications systems and lodging CPIP to continue to underperform in 2013 at an average of 60 percent of 2008 levels. By 2016, FMI expects these sectors to reach 70 percent of 2008 CPIP.
About the Author: Kevin Yanik
Kevin Yanik is editor-in-chief of Pit & Quarry. He can be reached at 216-706-3724 or kyanik@northcoastmedia.net.Subscribe to Pit & Quarry
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