California's construction activity is expected to decline over the next two years. Estimates for 2001 are around $61.51 million, down 2.97% from 2000. The drop represents the first annual decline in nine years.
According to Ben Bartolotto, director of the Construction Industry Research Board (CIRB), the state's construction volume in 2002 is forecast to total $57.45 billion, a 6.6% decrease from 2001. In two years spending will reach $57.32 billion.
All construction sectors, both private and public, are forecast by CIRB to decline in the new year with private nonresidential (commercial and industrial) building leading the way with a 10.4% drop to $15.05 billion.
Public works construction, which covers heavy-highway and public buildings, is expected to decline 7% in 2002 and by a slight 0.5% in 2003. Public works construction was the only sector showing a gain in 2001, up 5.8% from 2000. Estimates in heavy and highway construction show a rise of 2.7% ($9.78 billion).
