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Power markets will continue to be a bright spot for the economy in 2012, according to MDM’s annual program, the 2012 Economic Outlook: Moving Forward in Fragile Times. The recent webcast featured the forecasts for manufacturing and construction in 2012.
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Ken Simonson, chief economist for The Associated General Contractors of America, forecast nonresidential construction, mostly private investment, to be the strongest in a weak market in 2012. Construction spending in nonresidential is already up 8 percent from October 2010.
Power projects, which includes oil and gas structures and pipelines, are driving that growth, with double-digit growth in spending over the past year. Simonson expects continued growth beyond 2012 in power-related construction spending, driven by shale-based gas and oil.
Related Resource: 2011 Wholesale Distribution Economic Reports
This includes shale projects in Pennsylvania and surrounding states, North Dakota and Texas. There has also been a lot of downstream investment in the market, as well as investment in transportation and transmission infrastructure.
Other areas of forecast growth in 2012 in construction markets: manufacturing, warehouse/distribution and hospitals.
Did you miss this webcast? Watch the 2012 Economic Outlook on-demand, sponsored by Netsuite, here. Or order the DVD today to share with your team.
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