Long, Slow Recovery Ahead for Construction Markets

RALEIGH, N.C. — A new overview of the 2012 domestic construction market shows a long and slow recovery for the construction markets, according to the recently released report by FMI, a Raleigh, N.C.-based consulting firm serving the engineering and construction industry.

The report states that demographics will demand improved infrastructure in health care and education, and sustainable or green construction will drive demand for LEED-certified buildings.

The 2010 U.S. Markets Construction Overview is published annually to offer insight into the industry’s most complex business challenges, and “is not dramatically different from last year,” the firm said in a statement.

The overview shows that while the move to greater use of public-private partnerships will be slow, it will begin to gain some traction in the United States.

Spending for government construction is expected to decline as budget battles continue to rage in Washington and spill over to every state in the nation, according to the report.

“Innovation is driving efficiencies in multi-trade prefabrication and modularization construction,” the report states. “As the baby boomers age out of the work force, many firms will face succession and transition challenges.