FMI, one of the largest providers of management consulting and investment banking to the engineering and construction industry, released its 2012 U.S. Markets Construction Overview, offering insight into some of the engineering and construction industry’s most complex business challenges.
This publication focuses primarily on the U.S. domestic construction market, which is also a lagging reflection of the country’s economic health. The broad picture is not dramatically different from last year, according to the report.
“We remain in difficult times,” said Hank M. Harris Jr., president and chief executive officer, in the report’s introduction. “Notwithstanding, FMI’s core purpose as an organization is to have a positive impact on the construction industry and its leading organizations. We can only accomplish that through collaboration with the many leading thinkers and successful organizations that populate the built environment. Our goal is that this publication provides a basis for further collaboration, investigation and planning by and with the industry’s best and brightest executives.”
Highlights of the report include:
- The move to a greater use of public-private partnerships (P3) project funding will be slow, but will begin to gain traction in the United States.
- Demographics continue to drive demand for health care, education and improving infrastructure.
- Spending for government construction is expected to decline as budget battles continue to rage in Washington and spill over to every state in the nation.
- Sustainable or green construction will drive demand for LEED-certified buildings.
- Innovation is driving efficiencies in multi-trade prefabrication and modularization construction.
- As the baby boomers age out of the work force, many firms will face succession and transition challenges.
FMI publishes the U.S. Markets Construction Overview annually. The overview includes a comprehensive report on vital construction trends and forecasts the growth or decline in each market segment, noting both short-term and long-term considerations. To purchase a copy of the 2012 U.S. Markets Construction Overview visit www.fminet.com/resources.