Forecasts from chief economists in the key construction sectors – the National Association of Home Builders (NAHB), the American Road and Transportation Builders Association and the Association of General Contractors – paint an encouraging picture of gently rising construction spending in 2013.
“Housing is coming back,” says David Crowe,Chief Economist and Senior Vice President at NAHB.. “Not strongly, but I do think we are beginning to see some pretty solid foundations for a continuing slow, but steady recovery in housing.”
Crowe’s NAHB forecast projects a 19% increase in total housing starts for 2013 (to 903,000 units).
Remodeling is already back, at 98% of the average annual level of activity it registered early in the millennium.
“And the multifamily residential sector is well on its way,” Crowe reports. “More than two-thirds of the way back to normal.”
Editor’s note: The above is an excerpt by Larry Stewart, editor of ForConstructionPros.com