Nationwide, the job losses are a reflection of steep declines inan industry that saw $548.1 billion in construction starts or 14%fewer than 2008 according to information from McGraw HillConstruction's "Outlook '09, Spring Update" report.

Written by Robert Murray, McGraw Hill's vice president ofeconomic affairs, the report says new construction starts for 2009are estimated at $463.1 billion, down 15%. Murray and other expertssay the decline and job losses would have likely grown worse hadthe industry not been cushioned by a $130 billion-boost from theAmerican Recovery and Reinvestment now headed towards variousconstruction related projects including infrastructure.

"There is still going to be a decline for the constructionindustry this year although it would have been much worse withoutthe stimulus bill," Murray tells GlobeSt.com. He adds that therecession has become very steep. And, although efforts last fall bythe US Treasury Department may have prevented a financial collapse,Murray says there has been little improvement in bank lendingconditions.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.