Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Businessweek Archives

The Next Construction Boom

? Should you pay points? The CV is wrong... |


| Isn't that a Hopper? ?

February 05, 2007

The Next Construction Boom

Chris Palmeri

New homebuilders are taking it on the chin as sales slow, but another part of the construction sector is picking up, one that's likely to keep the folks in hard hats busy for a while. Ken Simonson, chief economist for the Associated General Contractors of America trade group, notes that construction accounted for one out of every five new jobs in January--22,000 out of 111,000. "Nonresidential construction employment growth has been sizzling," he says. Over the past twelve months, contractors have boosted employment by 160,000 jobs, or 5%. Construction wages too are up nearly that amount. Architectural and engineering employment is up as well, a sign that the big building boom should continue. You can see construction cranes in a lot of new places these days, building schools, hospitals and casinos. Hines Interests, for example, is building a 60-story office tower in downtown Chicago. By contrast, residential building employment has declined by 84,000 jobs, or 2.5% in the past year. Simonson expects homebuilders will continue to shrink for most of 2007.

06:15 PM

TrackBack URL for this entry:

I think right now is a great time to buy Builder stocks. One of my 2007 financial is about my home:

Posted by: Nagel at February 2, 2007 08:42 PM

lead time for most new projects can be 1-3 years.with most developers cost of funds increasing watch for nonresidential construction to follow residential soon.

Posted by: david pate at February 5, 2007 05:03 AM

Good article

Posted by: Dr. Michael Roberts at February 6, 2007 01:22 AM

blog comments powered by Disqus