An overall decline in construction starts in the United States could prove more dire than originally thought. McGraw-Hill Construction, RECORD’s corporate affiliate, estimates that the industry experienced an 8 percent decline in construction starts in 2007 and it forecasts another 2 percent drop in 2008. This forecast was released today during McGraw-Hill Construction’s 2008 Construction Outlook conference in Washington, D.C.

After reaching a record $668.9 billion in total construction starts in 2006, values are expected to hit $626.7 billion for 2007 and $614.1 billion in 2008. Last year, McGraw-Hill Construction predicted that starts in 2007 would drop 1 percent, as the single-family housing market weakened and other sectors, such as institutional work, remained strong.