Construction-put-in-place will top $1 trillion in 2014
FMI releases annual U.S. markets construction overview
FMI, the largest provider of management consulting and investment banking to the engineering and construction industry, announces the release of its 2013 U.S. Markets Construction Overview. With construction-put-in-place at the end of 2012 expected to be between $826-$884 billion, researchers at FMI predict CPIP growth rates to be slightly ahead of GDP in 2013 and 2014. This would place the CPIP at more than $1 trillion by the end of 2014, nearly six percent of GDP.
Other predictions include:
- Power CPIP of nearly $100 billion, as well as environmental remediation and conservation work of nearly $7 billion are already at all-time highs
- Residential CPIP will be back to double-digit growth in 2013
- Transportation and healthcare CPIP will reach record levels by 2013
- Education CPIP will continue to rise achieving 2008 numbers by 2016
In addition, excitement over the double-digit growth in residential construction is also balanced with the disappointment that by 2016 residential CPIP will still only be at 65 percent ($200 billion behind) the record high in 2006.
More than just an economic forecast, the 2013 U.S. Markets Construction Overview offers insight into some of the engineering and construction industry’s most complex business challenges. This year the overview includes a synopsis of the key trends and discussions of important issues facing nine of the non-residential construction sectors. Highlights include:
- The uncertainty stemming from the two diverse approaches to economic recovery presented by the U.S. presidential candidates
- How information technology is driving innovation in the energy services market
- The challenge of recruiting, managing and retaining talent
- Concerns over succession planning as industry leaders look toward retirement
- The increasingly vital role of modularization and prefabrication
About the Author
Sarah Avallone is a Marketing Associate at FMI. Contact Sarah at 919-785-9221 or firstname.lastname@example.org.