While high level construction forecasts are great, we all know that construction and real estate is all about LOCATION, LOCATION, LOCATION.
For that reason, I put a focus on localized data in the forecast reports we provide. In this year’s report, we discussed how the four regions of the United States will perform. We then go into more specifics about the individual States and what to expect in the top 50 metropolitan statistical areas (MSAs).
This year it looks like more states are expected to experience growth in construction than last year, and consequently, fewer will experience declines. Texas, Nevada, and New Mexico will lead growth, while New York, South Dakota, and Nebraska will see drops in construction.
As you can see in the map, growth is concentrated on two main “corridors” from Nevada to Texas and from Indiana to Maryland.
Metro Area (MSA) Forecast
Based on Census Bureau data and defined by the Office of Management and Budget, MSAs are core areas with a substantial population center. They are one or more adjacent counties (or county equivalents) with an urban area with a population of more than 50,000.
In our reports, we analyze data and forecast down to the localized MSA level. In 2018, 36 of the top 50 MSAs are expected to expand. Among the largest MSAs, Houston and Dallas will see growth above 10%. However, we do see some declines for coastal cities such as Seattle, Los Angeles, Orlando, and New York.
We have developed an interactive dashboard with a map that lets you view and filter the construction growth forecast by region and state so you can see which areas are strong, healthy, stable, or declining.
(Problems viewing dashboard? If you are unable to visualize all of the features in the above dashboard, including options to download, select View from your web browser's main menu, and then zoom in or out until all features are visible.)
To see more details about what we are forecasting for the different U.S. states and MSAs, download the full 2018 report.