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Home > Manufacturing > Fabrication > Building/Construction
United States Infrastructure Report Q3 2008
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Construction Woes
The down-turn in the economy is especially obvious in the construction sector. The intertwined crises that are dragging down the real economy - the credit crunch and the housing market - have not abated and may be expanding. Aggregate home equity has fallen below 50% for the first time, and the latest data indicate that declines in the Case-Shiller national house price index appear to be accelerating. Due to its large size, air and road travel play an important part in the United States’ infrastructure. To that end, airport construction continued unabated in several cities. In May, city officials in Sacramento awarded Turner Construction a US$287mn contract for upgrades to the Sacramento International Airport. This is part of the overall US$1.27bn modernization project to the 40 year old airport.
Much needed highway improvements aimed at reducing congestion and improving safety continued as well. In June construction began on the US$2.4bn Intercounty Connector highway that aims to reduce congestion between Interstate 270/370 and Interstate 95 in central Maryland. The Maryland State Highway Administration is overseeing construction by a consortium of companies that include Granite Construction, Corman Construction, and G.A. & F.C. Wagman. The first several miles of the highway is expected to be finished in 2010.
With rising fuel prices, the United States has continued to develop alternative energy sources. In April, Toshiba announced that it had won an order for two 1.1GW nuclear reactors, a deal valued at US$6.52bn. The reactors will be installed at the Vogtle nuclear power station in Georgia. Construction on the project will begin in 2011. The first reactor is expected to come online in 2016 and the other in 2017.
BMI forecasts the construction industry to grow at an annual average of 4.98% over the period 2008- 2012. In 2008, the US construction industry looks set to grow by 0.77%. For 2009, BMI sees growth accelerating to 4.91%. By 2012, we expect the total value of the construction industry to be US$1.7trn, up from an estimated US$1.3trn in 2008.
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