Some construction industry experts are expecting the economic downturn and construction forecast to turn around, with some believing the industry will be back on track by next year.
In the "Emerging Trends in Real Estate 2009" report from the Urban Land Institute and PricewaterhouseCoopers, 15 cities in the U.S. are expected to outperform the rest of the country in construction projects in the new year.
Seattle, San Francisco and Washington, D.C. top the list of cities expected to weather the economic storm this year, followed by New York City which usually ranks as number one.
Some in the industry believe that change has already begun for construction and that it is only a matter of time before it is back to previous figures.
Dale Stuhlmiller, president of the Construction Contractors Association of the Hudson Valley, says he hopes the banking industry has been stabilized which will open up credit, getting construction projects moving again. But he says another factor is less concrete.
"Over all this recession, the fear factor that is permeating the economy due to the recession is what's really hurting," he told the Mid-Hudson News Network.