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Virginia, Maryland could play lead role in construction recovery

Friday, November 20, 2009

Regarding construction, two states in the east may end up leading the way.
Regarding construction, two states in the east may end up leading the way.

When it comes to getting construction equipment moving on projects, a recent story finds there are 20 states that will be important in helping the building sector improve.

According to Reed Construction Data, which provides information on the industry, those 20 states make up 75 percent of the construction market in the country. Even if construction activity improved in the 30 other states, it would not be enough to improve things on a national scale.

The 20 states encompass a variety of economic conditions. For example, Nevada and California are counted as key states, though those areas have felt the brunt of recent economic difficulties. When it comes to being able to turn around the construction market, the two states that are most likely to head the charge are Virginia and Maryland, which have seen the benefit of stimulus funds from the federal government.

"California and Washington are also likely candidates," Reed Construction Data's Jim Haughey wrote. "Both states have disastrous public finances which will restrain public construction but their private economies are relatively strong."

When it comes to improving the construction market, many home builders are not feeling that confident, according to a recent survey from the National Association of Home Builders. However, that could change because of an extension approved by Congress for the first-time home buying credit approved.
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