‘Construction industry recovery still two years away’
During a national online news conference June 8, Associated Builders and Contractors (ABC) Chief Economist Anirban Basu said that the nation’s construction industry recovery may be two years away.
“From what we’ve seen so far in 2011, non-residential construction will likely be further delayed,” said Basu. “Right now, what will happen in 2012 remains unclear.
“Officially, the country is in a period of economic recovery,” Basu said. “Unfortunately, this does not mean that all segments of the economy are doing well. No sector of the economy has been hit harder than the construction industry.
“Employment in the construction industry has expanded over the past four months,” said Basu. However, I do not expect significant construction employment in the months ahead. The economy has hit a soft spot and the construction job picture is flat.
“Segments of the construction industry that will likely experience growth in the coming 10 to 12 months will be healthcare, which is the construction of hospitals, health centers and clinics, and the natural resources sector, which is in reaction to the growing cost of energy,” Basu said.
Basu was joined by National Association of Homebuilders’ Chief Economist David Crowe and American Institute of Architects’ Chief Economist Kermit Baker.
From our partners
The new Sandvik Ranger surface drill rig offers renowned drilling efficiency with up to 20% lower fuel consumption
Known to many by their former name, Ranger, Sandvik’s DX series surface top hammer drill rigs all feature a revolving…
MORE FROM Aggbeat Online
SUBSCRIBE & FOLLOW
- The Labor Department is auditing MSHA for allegedly failing to collect penalty fines390 Views
- Lafarge CEO awarded $2.78 million bonus for 'key role' in merger368 Views
- Cat introduces larger sizes of its Tier 4 Final articulated trucks359 Views
- Caterpillar intros 336F L XE hybrid excavator: smart pumps, boom work faster, burn less fuel (PHOTOS)333 Views
- Quarry explosion damages homes and cars and injures one person253 Views