St Louis Mortgage Lending: Construction Starts To Rise
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St Louis Finance and Loan Audit News: Construction To Rise 8 Percent In 2011
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Lending and Financing
According to McGraw-Hill Construction, new construction starts in 2011 are expected to advance 8 percent to $445.5 billion, with single-family and multifamily starts leading the way. The prediction follows a 2 percent decline predicted for 2010.
Single-family housing in 2011 will climb 27 percent in dollars and 25 percent in number of units to 565,000, and multifamily housing will rise 24 percent in dollars and 23 percent in units, according to the company’s 2011 Construction Outlook, released during a builder’s conference Friday in Washington, D.C.
“While the economy is still facing headwinds, the stage is being set for construction to see modest improvement in 2011 from this year’s very weak activity,” said Robert A. Murray, vice president of economic affairs at McGraw-Hill Construction, addressing nearly 400 construction executives and professionals. The company is a division of McGraw-Hill.
Murry goes on to say that “we’re turning the corner, slowly; 2011 will be the first year of renewed growth for overall construction activity, and 2010 becomes the final year of a very lengthy and unusual construction cycle.”
The outlook predicted that commercial buildings will increase 16 percent, following a three-year decline, but said the levels of activity expected for stores, warehouses, offices and hotels in 2011 will still be quite weak by historical standards.
The institutional building market will slip an additional 1 percent in 2011, retreating for the third straight year, but health-care facilities category should see moderate growth.
Manufacturing buildings will increase 9 percent in dollars and 11 percent in square feet while public works construction will drop 1 percent and electric utilities will slide 10 percent, according to the report's predictions.
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Articles and News Sponsored by Liberty Lending Consultants
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