Construction Industry Continues To Expand Despite Slow Economy

The construction industry is continuing to show healthy expansion in 2004, says Robert Murray, vice president of economic affairs for McGraw-Hill Construction.

“Right now commercial building has picked up the pace, and even institutional building and public works are seeing modest improvement after their weak performance earlier in 2004,” Murray says.

McGraw-Hill Construction reported that total construction on an unadjusted basis came to $342.4 billion for the first seven months of 2004, which is a 10 percent increase from 2003. During the January-July 2004 period, residential building increased 19 percent, nonresidential building was up 1 percent, and nonbuilding construction slipped 1 percent.