Signs of optimism gaining momentum
August 03, 2012
The last few years have been hard on the construction industry, but reports show that might be turning around soon. After almost 5 years of economic hardship, the market is finally showing demand trends and positive revenue for building projects.
According to Freddie Mac's July 2012 Economic Outlook, housing starts since the beginning of the year have been over 25 percent better than last year. This trend is also expected to continue throughout the coming months, a sure indicator that accounting for construction should anticipate an influx of activity in the near future, if they're not already experiencing a rush.
This field will be limited to residential construction, the source reported. The U.S. Commerce Department agreed with this projection, saying in its most recent release that the industry as a whole was seeing slight growth, though key areas were getting far more success. Private housing has been on the rise as consumers start to recover financially, pushing the need for better accommodations. Construction should still be cautious, as the Commerce Department also found manufactured goods were struggling, a warning indicator in this tumultuous economy.