2009 Construction Outlook

Well do you remember 2008 work, expect more of the same in 2009 with some exceptions.  Both residential and non residential is expected to remain weak.  With non residential not sliding as much.

Now no one is sure, but some speculate that the government’s stimulus package could help recovery in the later half of 2009.  Obviously there is still a problem with the overall economy.  One major factor is the credit market.  Some  contractors who plan on buying equipment this year or starting new projects are finding a hard time raising the funding in order to move forward.  Some banks are reluctant to loan any money out being fearful of defaults.

Certain areas of the U.S. are expected to perform a little better than others.  Take Atlanta for example.  Atlanta, like most, has poor economic conditions and a surplus in poverty.  There is plenty of demand with aging infrastructure, but there is a lot of difficulty in getting loans.  There are no condominiums started in the midtown area, but there is a need.  With the need of new condo’s comes a need of new retail to help support the condos.  Mandarin Oriental Hotel and Residence is a project that is supposed to start this year.  It will be a 53 story hotel with seven residence.  This will be one of Atlanta’s tallest buildings.  There are other buildings going up also.  Atlantic Station Office building broke ground this year.  This is a 25 story building.  Overall we were able to find around 20 new major construction projects and and about 10 significant renovation projects in Atlanta alone.

Certain parts of the U.S. will see a flat market, while others will have a decline.  We had a hard time finding any good reliable information on what parts of the country are expected to perform better than others.  All we do know is some regions will not be hit as hard.

We did notice when we went out to Las Vegas for the International Home Builder’s show there were about 8 buildings on the strip that are still being built.  However we really saw no active building and about three that had small crews working.

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