PCCA Journal|2
nd
Quarter 2013
55
ness sector is still in wait-and-see mode, some industries are
breaking the mold and planning for growth. Commercial,
lodging and office construction are starting to pick up.
The rich shale regions of the country are seeing a lot of
construction activity. With oil and gas exploration booming,
these regions are in need of housing, as well as the construc-
tion of roads, rail, and pipelines to move the product from
the fields to refining and distribution sites.
In addition, the potential for greater energy independence
and lower energy prices is helping to make the U.S. more
competitive in the global market and enticing more manufac-
turing to relocate in the U.S.
Residential Construction
- Single-family housing put
in place grew 19 percent in 2012, and FMI expects another
23 percent growth to reach $161 billion by the end of 2013.
Multifamily construction improved a whopping 47 percent in
2012, with FMI looking for another 31 percent in 2013.
Nonresidential Construction Trends and Forecasts by
Sector:
Power-related
- Construction for the power market grew 9
percent in 2012 and will continue to grow between 8 percent
and 9 percent through 2017.
Lodging
- After three years of steep declines, the market
for lodging construction came back a strong 25 percent in
2012 and FMI expects another 10 percent growth in con­
struction put in place for 2013.
Office - Office construction is finally showing a solid but slow
turnaround with 5 percent growth in 2012 and another 5
percent increase expected in 2013.
Commercial
- Commercial construction is the third larg-
est nonresidential construction market behind education
construction and manufacturing construction. That is why
it is good to see that it continues into its third year of good
growth, moving up 8 percent in 2012 and looking for another
7 percent to reach $50.3 billion in 2013.
Manufacturing
- Manufacturing construction increased
17 percent in 2012. It will continue with another 6 percent
increase for 2013 through 2014.
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