Building to set new dollar mark
This year will set another record for the US construction industry -- albeit in dollars, not in units constructed. The dollar volume in the construction industry will hit $231.4 billion, up more than $10 billion over 1979, Consulting Engineering Magazine reports. But when inflation is taken into account, the figures will show a decline in the actual number of units constructed and a $15 billion drop in real volume (noninflationary dollars).
At least some dollar growth is expected in all major areas of construction activity except residential housing, which slowed considerably in the last half of 1979. President Carter has promised less support for residential building in 1980 than in previous years, the magazine said. Construction is expected to be off 2.3 percent from last year.
Total engineered construction volume will be $60.7 billion in 1980, an increase of 11.4 percent over last year's $54.5 billion.