RALEIGH, N.C. — According to FMI’s 2009 construction outlook report, 2010 will be the bottom in terms of dollar volume. Residential construction is expected to begin recovering in 2010. Non-building construction will continue to be a positive contributor, increasing 5 percent in 2010 as a result of conservation and development construction.
The report further details that while the economy may show some signs of improving, nonresidential construction will decline. The residential sector is expected to begin to recover in 2010. Single-family put-in-place construction will recover at a slower rate than single-family housing starts. The number of square feet per start is declining, indicating that new homes are becoming smaller and less expensive. Evident of this are the figures showing that the average and median new home sale prices are decreasing.
The report further highlights the following: