Photo courtesy of pennlive.com
Over the last several months, there have been multiple reports that the construction industry was set to rebound following the housing market crash at the end of the last decade. Earlier this week, another report, this one from an investment banker with FMI Capital Advisors, echoed this optimism. The report, based on forecasts by the firm’s research services group, shows that there remains a strong desire to grow among those in the engineering and construction industry, according to a story in the Nashville Business Journal.
Below is a quick run-down of the forecast for strong markets in the construction industry over the next five years:
- Single-family residential will grow 17.9 percent in 2014 before tapering down to 15 percent growth through 2017.
- Multi-family residential will grow 28.9 percent in 2014 before slowing to an average of 13.9 percent growth through 2017.
- Lodging will grow 9.8 percent this year and will average 7.6 percent growth each year through 2017.
- Manufacturing will grow 6.5 percent in 2014 and will increase to 6.9 percent through 2017.
- Health care will grow 3.9 percent in 2014 but is expected to jump to 9.1 percent by 2017.
- Power and energy will grow 4.6 percent in 2014 but will “ramp up” to 9.4 percent growth in 2016.
- The office building market will grow 3 percent this year but is expected to hit 6.8 percent growth in 2016.
The weakest markets in the construction industry are those that depend mostly on government spending, including streets and highways, water and wastewater, and conservation and development. These sectors are expected to grow an average of less than 3 percent over the next five years.
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