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2010 Construction Outlook: "Nonresidential Construction Still Mired in a Steep Downturn by Craig DiLouie

The United States suffered its worst recession in 70 years following the collapse of the housing market. The good news is some economists believe the economy began to recover in Q309 after hitting bottom in the second quarter. The Manufacturers Alliance/MAPI Quarterly Economic Forecast predicts that inflation-adjusted GDP declined in 2.5% in 2009 but is in the process of rebounding to 2.4% growth in 2010 and a robust 3.5% in 2011. AIA Consensus Construction Forecast for the 2010 Nonresidential Market:

Industrial/Commercial     2010    2011
Hotels     -23.5%     5.4%
Retail     -17.2%     3.2%
Office     -18.6%    11.8%
Industrial     -24.3%     -7.8%
Institutional     2010    2011
Religious     -5.8%     2.0%
Education     -5.6%     6.0%
Amusement/Recreation   -12.9%     4.4%
Healthcare     -0.3%     2.5%
Public safety      0.8%    -0.1%