Since 1981, Coburn-Myers has been providing specialty fasteners in virtually any shape, size and material to a wide variety of industries, including construction companies that specialize in building industrial and commercial facilities.
Because our mutual success is intrinsically linked to that of the construction industry, we were particularly interested in McGraw Hill Construction’s 2014 Dodge Construction Outlook report, which provides the forecasting which the construction industry uses to help guide its business planning.
Overall, the report expects total U.S. construction starts to rise 9% to $555.3 billion in 2014, up from the previous year’s 5% increase to $508 billion. McGraw Hill Construction’s vice president of Economic Affairs, Robert Murray, sees 2014 as a year of “measured expansion for the construction industry” based on job growth and interest rates that have remained and are likely to stay historically low. In addition, states and localities are in a better financial position.
More specifically, commercial construction is expected to increase 17% in 2014 – a noticeable uptick from the 15% gain experienced in 2013. Warehouses and hotels will continue to dominate with retail stores and office buildings also showing increases. Institutional building will edge up 2%, which is a marked turnaround after five years of decreases. Educational building commitments will rise with both colleges and K-12 expanding and upgrading.
McGraw Hill’s 32-page report looks at the U.S. construction industry’s major sectors and also provides an outlook for the broad types of construction within each of the five major regions of the country.
As we look ahead to 2014, we’re ready to provide the expertise, experience and fasteners our customers require as they plan and execute on their construction project plans.