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Construction troubles may be ending for some areas

Monday, February 2, 2009

Some expect the construction industry in the Northeast to start an upward trend soon
Some expect the construction industry in the Northeast to start an upward trend soon

Although the economic downturn has had a negative effect on the state of the construction industry, some say the slide is leveling off and at least one part of the country is predicting they are poised for a comeback.

The Pinehills, a residential development outside of Plymouth, Massachusetts says it has sold 100 homes each of the last two years and Tony Green, a partner with the community says Boston and New York are in a unique position for construction growth in the home industry.

Green told the Patriot Ledger that research shows Boston and New York have the least amount of housing inventory of the top 55 metro areas in the country. Meaning the areas have not been oversaturated with home construction as other parts of the nation.

"We're in a good position to recover quickly when things turn around, but when will they turn around? That's crystal-ball stuff," Green told the paper. "There are some people buying."

Even with that optimistic outlook the numbers continue to look bad for the industry. The Commerce Department announced today that construction spending fell 5.1 percent in 2008. Home construction for the year fell 27.2 percent.ADNFCR-2034-ID-19004490-ADNFCR

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