According to a Reed Construction Data article, a 4 to 5% commercial construction decline is expected to occur from August through next winter, particularly hitting the hotel industry. Though the retail sector is not expected to be hit hard again, there is only a 5% expected increase over the next year, with any new construction doubtful.
Large declines from luxury and destination hotels are predeicted to fall even further over the next nine months, evidenced by the large Las Vegas projects struggling toward completion. A relatively small decline in office construction is partially due to stimulus dollars that will be spent this year on federal offices.
For the entire article and a spreadsheet of key market indicators for October 2009, click here.
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