The single-family housing market will grow 27% in dollars in 2011, according to a McGraw-Hill Construction Outlook report. That translates into a 25% increase in the number units to 565,000.
Multifamily housing is expected to increase 24% in dollars and 23% in units. Overall, the report said construction starts should rise 8% in 2011 to $445.5 billion.
"While the economy is still facing headwinds, the stage is being set for construction to see modest improvement in 2011 from this year's very weak activity," said Robert A. Murray, vice president of economic affairs at McGraw-Hill Construction. "We're turning the corner, slowly. 2011 will be the first year of renewed growth for overall construction activity, and 2010 becomes the final year of a very lengthy and unusual construction cycle."
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