December 31, 2007—FMI, management consultants and investment bankers to the construction industry, announce the publication of the 2008 U.S. Construction Overview.
FMIs 2008 U.S. Construction Overview, published annually since 1977, offers a comprehensive report on vital construction trends. It also forecasts the growth or decline in each market segment and geographic region, noting both short-term and long-term considerations.
This years Overview forecasts a 5.8 percent growth of construction put in place for the coming year, although it was down 3.7 percent in 2007.
In addition, the 2008 Overview discusses standout trends in the construction industry, such as:
- Green Building. Green, nonresidential construction put in place was $13.4 billion in 2006. By 2008, we project $21.2 billion of all new nonresidential construction will employ the use of green- building principles—a 58 percent increase. The industry is increasingly recognizing green building capabilities as a necessary part of a firms best practices.
- Employee Ownership. Ownership turnover within the construction industry will bring change and challenge over the next decade. Family ownership is declining while broad-based employee ownership is increasing.
- Productivity Improvement. Productivity improvement is approaching safety in importance for self-performers. Firms now identify productivity as a critical strategic issue to provide sustained return on investment. Using planning tools and job cost systems to manage projects are just some of the ways contractors can focus on productivity.
- Hispanic Workforce. Of the 11.8 million workers in the construction industry work force in 2006, 2.9 million were Hispanic—25 percent of the total. This trend has not slowed. Many construction employers recognize that language barriers seriously affect job site communication and productivity, and safety. More Hispanics are injured and killed on construction sites today than any other ethnic or racial group.
For more information, see the FMI Web site.
