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Construction expected to climb in Florida during 2010

Tuesday, February 16, 2010

The Sunshine State should see improvements in residential construction in this year, a report suggests.
The Sunshine State should see improvements in residential construction in this year, a report suggests.

For those who operate construction equipment in Florida, recent numbers from McGraw-Hill Construction should come as a welcome sign.

According to the group's 2010 Florida Construction Outlook, the state should see a 5 percent recovery in construction starts for the year. One of the major growth areas is in public works, which is expected to grow 36 percent this year.

"Public works continues to reap the benefits of billions in stimulus dollars, with highway construction being its largest recipient at $1.35 billion," the company said.

Residential construction is also expected to grow 14 percent in the state during 2010. Single-family housing will increase to $7.6 billion, or 17 percent.

Though both residential and public-works projects are expected to increase, commercial construction is expected to decline 2 percent because of a tighter lending market.

The commercial market as a whole may face difficulties in the coming years, according to a recent report from the Congressional Oversight Panel. From 2011 through 2014, $1.4 trillion of commercial real estate loans across the country will need refinancing, with almost half of that amount tied into properties that are underwater.
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