| BURBANK, CA -- (BUSINESS WIRE) California's construction activity for November totals $3.86 billion, and is estimated at
$61.51 billion for all of 2001, down 2.97 percent from 2000. But the larger picture is also proving negative in forecasts for 2002 and 2003.
The Construction Industry Research Board (CIRB), which has been compiling monthly statistical data on construction for the past 28 years,
reports the total dollar volume of all construction in California for 2001, estimated at $61.51 billion, will be a drop of 2.9 percent from the
previous year. This represents the first annual decline in the past nine years when the 1993 recession low totaled $38.84 billion (adjusted for
inflation). Over the same period, construction employment increased by 71.0 percent from 445,700 in 1993 to a estimated record average of
762,100 in 2001. This denotes a 316,400 monthly job increase during the nine-year period.
According to Ben Bartolotto, Director of the Research Board, the state's construction volume in 2002 is forecast to total $57.45 billion, down four
billion dollars from 2001, a 6.6 percent decrease. Further, CIRB is estimating a further slight drop in 2003, to $57.32 billion, down 0.2 percent
All construction sectors, both private and public, are forecast by CIRB to decline in 2002 with private nonresidential (commercial and industrial)
building leading the way with a 10.4 percent drop to $15.05 billion.
For further information, call Ben Bartolotto at 818-841-8210.
This eUpdate posting by: Steve Joyce