|
The construction
forecast from industry management consultant FMI Corp., Denver,
predicts that the office building market will be one of the
industry’s fastest growing sectors in 2005. FMI expects
office building construction to jump 9.5% next year after
increasing 7.1% in 2004. "Even acknowledging that vacancy
rates will remain relatively high, we still see good opportunities
in 2005 and 2006 for the nonresidential building market,"
says Randy Jiggard, FMI’s manager of market information.
He sees total nonresidential building construction increasing
5.8% next year, a faster annual growth rate than that predicted
for the single-family housing market. Along with office building
work, FMI sees a strong rebound in the commercial building
market, which reversed three years of declines by increasing
2.9% in 2004. FMI predicts the commercial building market
will grow another 7.2% in 2005.
| |
PERCENT CHG. |
| TYPE OF
CONSTRUCTION |
2003
|
2004
|
2005
|
03-04 |
04-05 |
here
| TOTAL CONSTRUCTION |
898,295
|
974,811
|
1,028,603
|
+8.5
|
+5.5
|
| Residential |
482,902
|
534,941
|
566,699
|
+10.8
|
+5.9
|
| Single-Family |
298,258
|
335,452
|
354,412
|
+12.5
|
+5.7
|
| Multifamily |
50,667
|
52,304
|
54,842
|
+3.2
|
+4.9
|
| Home Improvement |
133,977
|
147,185
|
157,445
|
+9.9
|
+7.0
|
| TOTAL NONRESIDENTIAL |
291,363
|
312,485
|
330,542
|
+7.3
|
+5.8
|
| Lodging |
10,715
|
11,051
|
11,702
|
+3.1
|
+5.9
|
| Office |
40,349
|
43,218
|
47,332
|
+7.1
|
+9.5
|
| Amusements
and Recreation |
19,030
|
20,140
|
21,356
|
+5.8
|
+6.0
|
| Religious |
8,363
|
8,595
|
8,930
|
+2.8
|
+3.9
|
| Education |
71,117
|
71,999
|
73,473
|
+1.2
|
+2.1
|
| Health
care |
29,581
|
30,589
|
31,815
|
+3.4
|
+4.0
|
| Commercial |
61,034
|
62,778
|
67,305
|
+2.9
|
+7.2
|
| Manufacturing |
14,076
|
14,598
|
16,433
|
+3.7
|
+12.6
|
| Public
Safety, Administrative |
8,495
|
8,485
|
8,799
|
-0.1
|
+3.7
|
| Transportation |
24,227
|
25,150
|
26,800
|
+3.8
|
+6.6
|
| NONBUILDING
STRUCTURES |
124,030
|
127,385
|
131,362
|
+2.7
|
+3.1
|
| Conservation
& Development |
3,734
|
3,875
|
4,069
|
+3.8
|
+5.0
|
| Highways
& Streets |
61,877
|
63,795
|
65,697
|
+3.1
|
+3.0
|
| Sewers
Systems |
12,66
|
13,216
|
14,128
|
+4.4
|
+6.9
|
| Power |
36,230
|
36,592
|
36,958
|
+1.0
|
+1.0
|
| Water
Supply |
9,526
|
9,907
|
10,510
|
+4.0
|
+6.1
|
|
Source: FMI
Corp., Raleigh, N.C.
Historical data is compiled from building permits, construction-put-in-place,
Clark Reports and trade sources. Estimate for 2004 and
forecast for 2005 by FMI.
|
(Photo top by Monica N. Macezinskas,
photo manipulation by Nancy Soulliard for ENR)
|
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