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The Portland Cement
Association, Skokie, Ill., predicts that the construction
industry will shift gears in 2005, with public works and nonresidential
building markets replacing the housing market as the industry’s
main growth drivers. PCA’s forecast, which is adjusted
for inflation, says that the result will be a 2.9% increase
in the real value of total construction in 2005. This will
be slightly less than this year’s 3.7% gain, after discounting
for inflation. PCA predicts that the value of the single-family
housing market will slip 0.5% in 2005 after jumping 15% in
2004. However, nonresidential construction is expected to
bounce back 10% in 2005 after showing little real growth this
year. Public construction also will make positive contributions
to growth after this year’s inflation adjusted decline
of 1.5%. In 2005, PCA predicts that public works will increase
4.0% in real terms.
| TYPE OF CONSTRUCTION
|
2003 |
2004 |
2005 |
PERCENT CHG. |
| 03-04 |
04-05 |
| TOTAL CONSTRUCTION |
697.6 |
723.7 |
744.7 |
+3.7 |
+2.9 |
| Total Residential |
361.9 |
392.5 |
391.2 |
+8.5 |
-0.3 |
| Total Nonresidential |
122.2 |
122.2 |
134.3 |
0.0 |
+9.9 |
| Manufacturing |
10.9 |
10.3 |
15.8 |
-5.5 |
+53.4 |
| Office |
27.7 |
28.3 |
30.1 |
+2.2 |
+6.4 |
| Hotels Motels |
7.6 |
7.8 |
8.3 |
+2.6 |
+6.4 |
| Hospitals Institutions |
13.9 |
13.8 |
14.2 |
-0.7 |
+2.9 |
| Religious and Miscellaneous |
12.4 |
12.2 |
12.4 |
-1.6 |
+1.6 |
| Educational |
10.2 |
9.7 |
10.3 |
-4.9 |
+6.2 |
| Commercial |
39.4 |
40.1 |
43.3 |
+1.8 |
+8.0 |
| Public Utility1 |
39.8 |
38.1 |
41.5 |
-4.3 |
+8.9 |
| Public Construction |
173.6 |
171.0 |
177.7 |
-1.5 |
+3.9 |
| Buildings |
78.7 |
75.6 |
78.8 |
-3.9 |
+4.2 |
| Highways & Streets |
48.1 |
48.7 |
50.4 |
+1.3 |
+3.5 |
| Conservation |
3.0 |
3.0 |
3.2 |
0.0 |
+6.7 |
| Sewer Systems |
10.5 |
10.8 |
11.2 |
+2.9 |
+3.7 |
| Water Supply |
8.0 |
7.7 |
7.9 |
-3.8 |
+2.6 |
| Military Security/Miscellaneous |
25.4 |
25.2 |
26.2 |
-0.8 |
+4.0 |
Source: Portland Cement
Association skokie, Ill.
1= Includes farms Building. |
(Photo top by Monica N. Macezinskas,
photo manipulation by Nancy Soulliard for ENR)
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