Report outlines decline in Texas construction

Posted on January 22, 2009. Filed under: -- Austin Related, -- Real Estate Guide For Today's Market, Texas | Tags: , , |

By Molly Greaves
According to the Austin Business Journal today, they report that Texas is expected to experience a considerable slowdown in construction activity in 2009, according to a report issued by McGraw-Hill Construction.

The outlook for the coming year calls for construction spending of roughly $54.4 billion in Texas, down 13 percent from 2008, the report indicates. However the building of the giant Motiva and Valero refineries in Port Arthur that created 5,000 jobs buoyed the numbers in 2008.

McGraw-Hill researchers forecast that construction of housing units will drop 4 percent statewide in 2009, surpassing the 3 percent national decline. But population growth, cost advantages and the relative buoyancy of the Texas economy should help the state recover more quickly than the rest of the nation in the residential sector when demand improves.

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