The construction industry has been hit hard in the recent years due to the decline in real estate sales. The ripple effect was forecast by Wall Street Journal Analyst Alex Frangos last year:
"The construction industry accounts for almost a tenth of economic activity, and its contraction could have a ripple effect through the economy as it is a major buyer of finished products and generator of jobs. Local governments' ability to raise revenue through development fees and taxes, especially in fast-growing parts of the country, could suffer as well."
Housing Decline Sparks A Construction Slowdown
Today, CNN Money reported that 2008 will continue to see a decline in the industry, but not as bad as it has been this year:
"McGraw-Hill Construction, part of The McGraw-Hill Companies , today released its 2008 Construction Outlook, which forecasts a drop in overall U.S. construction spending for next year, fueled by tighter lending conditions and weaker job growth. Against this backdrop, the level of construction starts is expected to decline 2%..."
Construction Market Will Continue to Weaken in 2008, According to McGraw-Hill Construction Outlook
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