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CONSTRUCTION OVERVIEW
The construction industry enjoyed great expansion in the late '90s. Thanks to a steady new housing market, the industry has not been impacted as much as other industries in today's hard times. Overall, however, construction remains fairly flat. U.S. Census Bureau figures on construction spending show solid growth -- from $766 billion in 1999 to a projected $870 billion this year. However, measured in constant 1996 dollars, the industry has actually dropped slightly, hovering below the $700 billion mark for 2003. Residential building, which accounts for just over half of the total spent on construction over the last four years, has helped offset a sharp dip in private nonresidential construction, down to a projected $167 billion in 2003 from $202 billion a year earlier. Housing starts have grown from 1.6 million in 1999 to a projected 1.8 million this year. The U.S. Census Bureau's Steve Berman says the number of single-family homes sold in 2002 (1.39 million) was the most since 1978, a boom year for the U.S. construction industry. The primary driver for the jump in single family home construction is historically low interest rates. May International has helped over 64,000 construction businesses including the variety of companies and businesses that are involved in the building of residential and commercial structures and the systems within those structures, such as plumbing, HVAC and electrical systems. Construction Associations Construction Books Construction Magazines Construction Colleges/Universities |
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