Recently ConstructConnect released their Q2 2017 U.S. and Canadian Starts Forecast Report, and overall the outlook shines a much more positive light on the construction industry business this quarter, despite decreased spending.
With the housing market on a continued rise, the U.S. Q1 construction starts saw a positive increase. Construction starts for civil engineering projects grew by 17.4% over the last year, as well as residential building projects with a 4.9% increase. Despite the U.S. GDP growth slowing to 0.7% in Q1, Q2 is predicted to the rise above expectations based on projected financial market data. The only major hit that the construction industry may face, not just in Q2 but for the remainder of the year, would be the non-residential construction industry based on U.S. government spending allocated to other sectors.
Similar to the U.S., the construction starts in Canada are forecast to see growth for the remainder of 2017. In Q1, the overall building construction in Canada did fall by 9.2%, however, the civil engineering projects saw an increase. Much of the credit for a positive outlook for Canada’s construction industry is due to the high projections for the oil and gas sectors, as well as the various civil sector increases. Business owners in the oil and gas construction industry should see a huge turnaround for business during the remainder of this year.
To read more on the Q2 2017 Forecasts report, visit ConstructConnect.com.