Global Construction Expected To Decline This Year

New York, NY, April 13, 2009--Global construction spending will decline 3.7% this year to $5.6 trillion, according to a report by IHS Global Insight Construction Services.

The decline, with a 1.2% drop in 2008, is the largest in global construction spending in at least two decades, IHS Director of Construction Services Scott Hazelton said.

"Contractions in world construction activity are unusual but are occurring because of the [concurrent] downturn in national economies around the globe," he added.

The firm predicts a modest recovery next year and a rebound in 2011.