It's no secret that the construction sector has been lagging when it comes to showing signs that it is anywhere close to a full recovery. While single-family starts have fared considerably worse than multifamily starts, industry economists believe it is slowly but surely moving toward positive growth.
On Tuesday, Associated Builders and Contractors, Inc. hosted an online news conference to share its 2012 Construction Forecast, which featured commentary from Kermit Baker, chief economist for the American Institute of Architects (AIA); David Crowe, chief economist for the National Association of Home Builders (NAHB); and Anirban Basu, chief economist for Associated Builders and Contractors.
According to AIA’s Baker, access to credit and weak job growth are still issues holding back a much-needed recovery across each construction sector. “The construction sector, unfortunately, is the last major sector left in the economy yet to recover from this downturn we’ve been through,” said Baker. Additionally, a large inventory of distressed homes has also slowed the turnaround for new residential construction, he said.
Read more...2012 Mid-Year Construction Forecast - Construction Trends - Multifamily Executive Magazine