cmd s q1 2016 january 2016 construction starts forecast...

CMD’s Q1 2016 Construction Starts Forecast Report

January 2016

US construction slightly underperformed in Q4. The major cause was the ongoing shortfalls in non-residential starts, which declined over the course of the year in spite of reasonable private sector investment. Residential starts were more positive, driven by a cyclical rebound in US housing. Civil engineering finished the year largely in line with expectations.

The US economy grew at a moderate, if unspectacular, pace of 2.4% last year, which it is expected to maintain in 2016. The Fed finally raised rates, marking an end to six years of zero lower bound monetary policy. Rising employment and wages will support consumer outlays which should feed into the housing market. The residential construction sector is undergoing a large cyclical rebound following the sharp declines in construction activity after the financial crisis. The non-residential sector, despite shrinking in 2015, is forecast to rebound this year and grow at a stable rate over the coming decade. Civil engineering is forecast to come in flat in 2016 after very strong growth last year, but over the medium-term, the sector is forecast to return to the 3½% range.

The Canadian economy remains plagued by the weak oil price, with both energy and non-energy sector investment disappointing. This led to a huge downturn in civil engineering sector starts in 2015, with further, albeit milder, falls forecast this year. This has had follow-on effects into the residential sector in parts of Canada that support the extraction industry such as Alberta. Non-residential starts are the one area of Canadian construction that breaks the downward trend with growth expected to reach just shy of 10% this year.

ContentsSummary forecasts (table) and Overview ......................... 2Drivers of headline sectors (table) ................................... 3US type-of-structure forecasts (table) ............................. 5US type-of-structure forecasts - INSIGHT (table) ............. 6US states, total construction starts (table) ...................... 7US four largest states: type-of-structure forecasts (table) .. 8US type-of-structure forecasts (charts) ........................... 9Canada type-of-structure forecasts (table) ..................... 12Canada type-of-structure forecasts - INSIGHT (table) .... 13Canadian provinces, total construction starts (table) ...... 14Canada four largest provinces: type-of-structure forecasts (table) .............................. 14Canada type-of-structure forecasts (charts) ................... 15

Highlights

30 Technology Parkway South, Suite 100Norcross, GA 30092P. 1.800-424-3996F. 1-770-417-4399E. [email protected]/construction-forecast©2016 CMD. All rights reserved.

Sources: CMD (formerly Reed Construction Data)/Oxford Economics. Forecast reflects actual starts through Q4 2015.

The final tally of the total number of jobs in America at year-end 2015 was plus 2.65 million compared with 2014. The unemployment rate dropped to 5.0%.

CMD


©2016 CMD. All Rights Reserved. Sources: CMD/Oxford Economics. 2

OverviewQ4 US construction starts fall below expectations

Year-end growth came in slightly below expectation as a weaker Q4 depressed activity, leading to total starts growth of 3.7% in 2015. Most disappointing were non-residential starts, which fell over the course of the year. Construction of private office buildings has been particularly disap-pointing through 2015, despite moderate growth in business sector investment. Part of the issue may be due to the classification of projects; call centers and data centers, for which there were a number of mega projects in 2015, are classified under the warehouses segment (which repeatedly surprised to the upside through 2015). Hospital construc-tion has been another source of disappoint-ment in 2015, despite a favorable ruling from the Supreme Court on the Affordable Care Act in June. However, there may be some political uncertainty surrounding the legislation’s future — demographic funda-mentals suggest that construction in this category should be strong.

Residential construction starts were somewhat more positive, growing by 6.3% in 2015. The shortfall came exclusively in the multi-family segment which has weak-ened as homebuilders turn their attention to single-family housing. However, as we have argued in previous reports, some of the weakness in the multi-family segment may be overstated, as multi-use residential proj-ects could have been classified elsewhere. Civil engineering starts were largely in line with expectations, with annual growth in 2015 seen in all segments apart from airport construction.

Moderate growth in the economy, with multiple headwinds…

Real GDP expanded at a 2% annualized pace in Q3 as inventories exerted a nega-tive drag. Consumer spending maintained a steady pace of growth through the year, and a solid rise in disposable income points to consumer spending maintaining a reason-able pace of about 3% growth in 2016. In contrast, export-oriented industries have

been checked by subdued global growth and a US strong dollar. Business investment has been rising at a steady rate, although it has been checked by headwinds facing export-oriented industries and the energy sector. With data through Q3, we estimate that the economy expanded by 2.4% in 2015, and should maintain this pace of growth in 2016.

The US economy continues to add jobs, with on average 220,000 added per month in 2015. We expect the pace to moderate slightly over 2016, but more robust growth in wages will be the major driver of improving labor market outcomes going forward. Price pressures remain depressed in the US as the impacts of falling energy costs weigh on inflation. We expect a gradual rebound over 2016 reflecting low base effects from 2015 and a tightening output gap. The strong US

dollar will keep headline inflation at 1.3% this year.

As was widely expected, the Federal Reserve raised interest rates by 25bp in its December meeting after six years at the zero lower bound. Notes from the meeting stressed a very ‘cautious’ rate hike and implied a shallow path for future rate rises. We are currently factoring in two further rate hikes this year (June and December) and three rate hikes in 2017.

…but cyclical forces to drive construction activity

Looking to 2016, non-residential con-struction starts are set to return to growth as the investment outlook improves some-what, but the forecast is constrained by ongoing headwinds leading to relatively

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Table 1: Summary forecasts(Annual percentage changes unless specified otherwise)

2014 2015 2016 2017 2018 2019 2020US

Macro variables

GDP 2.4 2.4 2.4 2.7 2.4 2.3 2.2Population growth 0.8 0.8 0.8 0.8 0.8 0.8 0.8Unemployment rate (%) 6.2 5.3 4.8 4.7 4.7 4.8 4.8Real disposable income 2.7 3.5 3.0 2.5 2.3 2.1 2.0Central bank rate (%) 0.1 0.1 0.5 1.3 2.0 2.8 3.210-year government yield (%) 2.5 2.1 2.5 2.8 3.0 3.3 3.5Construction starts (y/y % change of $ volumes)Total starts 7.4 3.7 6.5 6.8 5.5 4.6 4.3Residential 6.1 6.3 12.9 9.9 7.6 6.2 5.9Non-res bldg 7.6 -3.0 3.5 5.1 3.8 3.0 2.7Civil engineering 9.7 10.8 -0.4 3.5 3.6 3.5 3.2CanadaMacro variablesGDP 2.5 1.2 1.7 2.3 2.5 2.5 2.3Population growth 1.1 0.9 1.1 1.0 1.0 1.0 0.9Unemployment rate (%) 6.9 6.9 7.2 7.0 6.8 6.6 6.4Real disposable income 1.0 2.2 1.2 1.2 1.6 2.1 2.4Central bank rate (%) 1.0 0.6 0.6 1.0 1.4 1.8 2.110-year government yield (%) 2.2 1.5 1.6 1.9 2.2 2.5 2.8Exchange rate C$ per US$ 1.10 1.28 1.40 1.37 1.34 1.31 1.27Construction starts (y/y % change of $ volumes)Total starts 12.6 -15.6 0.9 8.5 7.4 6.6 6.2Residential 8.5 -3.8 -1.7 3.9 4.1 5.1 4.4Non-res bldg -7.6 6.6 8.7 7.6 5.9 4.7 3.7Civil engineering 23.0 -27.8 -0.9 11.7 10.0 8.2 8.2



subdued improvement compared to the residential sector.

The major driver of non-residential con-struction over the next year is expected to be the commercial segment. In particular, construction of private sector office space should start to pick up again in 2016 as pent-up demand starts to break through. In addition, shifting consumer prefer-ences towards online shopping and quicker delivery times require investment in the underlying infrastructure and logistics to accommodate this. Construction of new warehouses and logistic centers should be supported as a result of this trend. Indeed, this sector was one of the best performing in 2015, although after such a rapid expansion, we expect sector growth to take a pause this year, reflecting a natural reversion towards the mean. Over the medium-term, however, the level of warehouses starts should remain at record highs.

The underlying trend in the medical sector remains positive despite starts falling in 2015, a point we largely put down to tem-porary uncertainties. Two major factors underpin the forecast. Firstly, the passage of Obamacare and its consequent affirmation in the Supreme Court have laid the path for universal consumption of healthcare ser-vices. Secondly, the aging US population centred on the baby boomer generation will demand ever greater levels of healthcare services over the coming years and decades. However, there is some uncertainty sur-rounding the sector’s long-term prospects, depending on the outcome of the election in 2016.

New construction of educational facili-ties is slightly less robust. Within education, the elementary schools sector is forecast to grow at the strongest rate in order to accommodate a growing population in the younger cohort as the millennial gen-eration starts to reach childbearing age. In contrast, new construction in the college and universities segment is far slower on account of weaker population dynamics in the relevant age group. In addition, the cost of university education is rising. Further-more, the improving state of the economy has increased the opportunity cost of higher education as students would have to eschew more generous wage compensation in the

labor force than was the case in the imme-diate post-crisis period.

In contrast, manufacturing starts are forecast to fall sharply this year as the surging growth of 2015 reverts to the mean. Growth in the manufacturing sector is likely to be contained in 2016, the result of the strong dollar and weak external demand. Indeed, the manufacturing ISM index has pointed to a contraction in the sector over the last two months. The sec-toral outlook does, nonetheless, remain constructive beyond 2016 with the under-lying structural factors that have driven the resurgence in US manufacturing in recent years remaining in place. A competitive US labor force, shortened supply-chain benefits and cheap energy make the US an attractive location for firms to establish production facilities.

The solid growth rate witnessed in residential starts last year is expected to more than double in 2016 as the cyclical rebound in US housing fires up. The multi-family segment, having shrunk this year, is forecast to rebound moderately, but growth will be relatively constrained compared to the single-family sector, in part because the cyclical recovery in the single-family segment is less advanced. Whereas multi-family starts have largely recovered to their pre-crisis levels, the single-family sector still has considerable ground to cover. The single-family sector was particularly hit by the financial crisis

as people switched to renting, typically the preserve of multi-family accommodation. But as the economy has recovered, wage and employment growth have resumed, prompting demand for single-family housing to once again become the driving force behind residential growth. This trend is further helped by demographic trends, as the oldest millennials start to have families.

Civil engineering starts are set to mod-erate in 2016 with effectively no growth in view after having grown at a double digit pace in 2015. Nonetheless, the medium-term outlook remains robust with a con-stant stream of works to ensure ongoing activity. Starts of bridge construction are the strongest growing category within civil engineering, with much of the worthiness of the US bridge stock being below par. A study by the American Association of Civil Engineers found that one in nine bridges is rated as structurally deficient — a par-ticularly pressing point given that freight ton-miles are to grow by 70% by 2040 — while the Federal Highway Administration estimates that to settle the requirement of bridges by 2028 would require $20bn of investment annually. A number of new projects are expected to follow such as a replacement of the $1.5bn Goethals Bridge between Staten Island and New Jersey and the construction of a third bridge across the Cape Cod Canal. Roads are another area in need of investment, though we

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Table 2: Drivers of headline sectors Sector Short-term drivers Long-term drivers

Residential Unemployment rate; Household liabilities;

Mortgage interest rates; House prices;

Population trends

House prices; Incomes

Non-residential building Output trends in relevant sector; Population trends;

Capacity utilization; Borrowing costs;

Employment in relevant sector; Disposable income

Output trends in relevant sector; Employment in relevant sector

Civil engineering Federal/State/Provincial spending; Government borrowing costs;

Employment in government sector; Output trends in relevant sector

Federal/State/Provincial spending; Output trends in relevant sector



don’t expect the high growth in 2015 to continue going forward. Starts are forecast to grow consistently in the 3% range over the forecast period.

Furthermore, the political climate is slowly warming towards more infrastruc-ture spending, with both political parties increasingly receptive towards more invest-ment in this area. Given the need for infra-structure upgrades across the US (much of New York’s infrastructure largely pre-dates the Depression era for instance), the amount of the potential work is substantial and gives cause to be optimistic on future construction projects.

Canadian outlookCanadian construction in Q4 fell sig-

nificantly as the renewed slump in oil prices impacted on construction activity; in Q4 total starts were 50% below their level a year earlier. The sharpest effects were felt in the civil engineering sector, which shrank by 77% on-the-year. Residential construction activity fell by 11% on-the-year marking uncertainties in the Canadian housing market. Non-residential was the one sector that broke the downward trend with annual growth of 12% in Q4. Of particular note have been hotels and motels starts which more than doubled on the year driven by increased tourism spending on the weak Canadian dollar.

The renewed fall in the oil price has driven down the outlook for the Canadian economy. Business investment, in par-ticular, fell for three consecutive quarters through Q3, driven largely by cutbacks to capital spending in the oil and gas sector. Reasonable US demand and the cheap Canadian dollar are providing some sup-port to exports, but weak growth else-where means the boost from this channel could be rather limited. The outlook for

consumer spending is relatively more upbeat, driven by rising employment and earnings growth that support disposable income. In addition, the continued mon-etary stimulus from the Bank of Canada will provide some support. We expect the policy rate to remain relatively unchanged for most of 2016. Overall, GDP is forecast to rise by 1.7% in 2016, slightly ahead of the 1.2% growth it posted in 2015 (based on data through Q3).

Civil engineering accounts for the largest share of Canadian construction at just below 60% of total starts in value terms. The sector fell precipitously in 2015 as the low oil price caused investment in new projects to all but dry up with the most serious effects directed towards the extraction based industries in the Prairies and Atlantic regions. The miscellaneous civil category that includes Canada’s vast extraction based sector fell by 75% in 2015. Given the recent drop in oil prices, the scope for recovery in the sector is relatively modest, so we expect stagnation in 2016, staggeringly weak considering the extent of the decline last year.

Bucking the falling trend in headline civil engineering, power infrastructure starts more than doubled last year. Looking ahead, there is reason to be optimistic on power infrastructure — the Canadian government has made clear its intention of increasing the weight of renewables in power generation, with the stated aim of reducing emissions by 17% from their 2005 level by 2020. Current figures show that only 3% of Canada’s electricity comes from non-hydro renewables, indicating there is significant scope for development in the wind and solar sectors. Road building also grew at a strong pace last year and we expect robust growth to continue over the forecast period. In Ontario, the Highway

407 East Phase 2 construction project to build a new 32km section of highway is set to commence in early 2016 worth an esti-mated C$1.5bn.

The downturn in Canadian residen-tial construction is ongoing as the con-sequences of the potential overheating housing market in the major cities, and more importantly, reduced demand for housing in the energy extraction econo-mies of the prairies region dampen resi-dential construction. Alberta residential starts fell over 20% in 2015 with a similar decline expected this year. On the national level, residential construction is forecast to fall again in 2016, in the main driven by travails in the extraction economy regions. Over the medium term, Canadian residen-tial construction does not have the same cyclical driving factors that are present in the US, and concern about overheating in the housing market remains a clear risk.

The non-residential building sector is the one bright spot within Canadian con-struction. The sector grew by 6.6% in 2015, and is forecast to accelerate further this year. Canadian manufacturing starts fell sharply in 2015 but we expect the sector to rebound strongly this year and beyond as the impact from the weak Canadian dollar starts to filter through to Canadian producers and the new TPP deal opens up new Asian markets to Canadian firms. Hospitals and medical sector starts are forecast to grow by double digits as the health needs of Canada’s aging population become ever more pressing. In addition, the new government in Canada has publicly prioritized health spending. Construction of transportation terminals and warehouses are also forecast to grow at a robust pace, reflecting the growing impor-tance of logistics in the economy as online shopping and delivery systems become ever more important.

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Table 3: U.S. Type-of-Structure Forecasts($ Billions USD)

Actuals Forecasts2014 2015 2016 2017 2018 2019 2020

Single-family 155.483 172.620 199.061 221.011 239.396 255.945 273.055

Multi-family 49.964 45.739 47.503 49.877 52.106 53.649 54.804

TOTAL RESIDENTIAL 205.447 218.359 246.564 270.888 291.502 309.594 327.859 (Yr/yr % change) 6.1% 6.3% 12.9% 9.9% 7.6% 6.2% 5.9%Hotels/Motels 8.598 8.919 9.399 9.979 10.287 10.558 10.787Shopping/Retail 17.666 18.946 19.560 20.430 21.303 21.740 22.277Parking Garages 1.831 2.269 2.120 2.181 2.216 2.266 2.327Amusement 6.803 5.410 5.695 6.084 6.317 6.474 6.605Private Offices 17.556 11.828 12.988 14.190 15.031 15.822 16.352Govenmental Offices 11.151 9.082 9.877 10.349 10.855 11.286 11.744Laboratories (Schools & Industrial) 2.374 2.230 2.439 2.649 2.783 2.893 3.006Warehouses 7.373 10.524 10.291 10.768 11.322 11.875 12.324Sports Stadium/Convention Center 5.952 6.048 6.013 6.226 6.416 6.525 6.653Transportation Terminals 5.366 6.355 7.142 7.814 8.624 9.323 9.985TOTAL COMMERCIAL 84.670 81.612 85.523 90.672 95.154 98.763 102.060 (Yr/yr % change) 1.9% -3.6% 4.8% 6.0% 4.9% 3.8% 3.3%TOTAL INDUSTRIAL (manufacturing) 9.615 12.769 10.719 11.271 11.900 12.380 12.801 (Yr/yr % change) 19.3% 32.8% -16.1% 5.1% 5.6% 4.0% 3.4%Religious 1.444 1.579 1.722 1.778 1.810 1.850 1.880Hospitals/Clinics 14.081 12.151 13.544 14.729 15.595 16.401 17.142Nursing Homes/Assisted Living 4.143 5.000 5.005 5.072 5.290 5.459 5.636Libraries/Museums 2.239 1.759 1.974 2.010 2.036 2.060 2.085Courthouse 0.953 1.139 1.313 1.291 1.278 1.290 1.307Police/Fire 1.708 1.922 2.209 2.230 2.260 2.300 2.337Prisons 1.210 2.595 2.518 2.592 2.634 2.678 2.720Military 10.740 5.926 6.378 6.845 7.270 7.676 8.026Educational Facilities 54.851 52.378 53.584 55.548 56.370 56.704 57.065MED misc 2.529 2.881 3.207 3.231 3.320 3.473 3.627TOTAL INSTITUTIONAL 93.898 87.330 91.453 95.327 97.862 99.892 101.823 (Yr/yr % change) 11.5% -7.0% 4.7% 4.2% 2.7% 2.1% 1.9%Miscellaneous Non-Res Building 3.947 4.559 5.081 5.382 5.351 5.472 5.592TOTAL NON-RES BLDG 192.129 186.270 192.776 202.652 210.267 216.506 222.275 (Yr/yr % change) 7.6% -3.0% 3.5% 5.1% 3.8% 3.0% 2.7%Airport 3.261 3.196 3.234 3.286 3.355 3.434 3.505Roads 47.252 51.560 53.183 54.936 56.812 58.622 60.198Bridges 11.404 12.741 13.636 14.642 15.647 16.628 17.621Dams/Canal/Marine 5.069 5.766 5.298 5.294 5.309 5.365 5.417Water & Sewage Treatment 25.762 28.502 28.138 29.366 30.531 31.754 33.037Misc Civil (Power, etc.) 18.123 21.079 18.825 19.049 19.525 19.937 20.366TOTAL ENGINEERING 110.872 122.844 122.315 126.572 131.179 135.740 140.146 (Yr/yr % change) 9.7% 10.8% -0.4% 3.5% 3.6% 3.5% 3.2%TOTAL NON-RESIDENTIAL 303.001 309.114 315.091 329.224 341.446 352.247 362.420 (Yr/yr % change) 8.3% 2.0% 1.9% 4.5% 3.7% 3.2% 2.9%GRAND TOTAL 508.448 527.473 561.655 600.112 632.948 661.841 690.280 (Yr/yr % change) 7.4% 3.7% 6.5% 6.8% 5.5% 4.6% 4.3%

EXPLANATION: Table 3 conforms to the type-of-structure ordering adopted by many firms and organizations in the industry. Specifically, it breaks non-residential building into ICI work (i.e., industrial, commercial and institutional), since each has its own set of economic and demographic drivers.

Table 4 presents an alternative, perhaps more user-friendly and intuitive, type-of-structure ordering that matches how the data appears in CMD’s on-line product ‘Insight’.

Source of actuals: CMD “Insight” / Forecasts: Oxford Economics and CMD / Table: CMD.


6©2016 CMD. All Rights Reserved. Sources: CMD/Oxford Economics.

Table 4: U.S. Type-of-Structure ForecastsArranged to match the alphabetical category drop-down menus in INSIGHT ($ Billions USD)


SummaryCIVIL 110.872 122.844 122.315 126.572 131.179 135.740 140.146NON-RESIDENTIAL BUILDING 192.129 186.270 192.776 202.652 210.267 216.506 222.275RESIDENTIAL 205.447 218.359 246.564 270.888 291.502 309.594 327.859GRAND TOTAL 508.448 527.473 561.655 600.112 632.948 661.841 690.280

VerticalsAirport 3.261 3.196 3.234 3.286 3.355 3.434 3.505All Other Civil 17.812 19.599 17.619 17.832 18.260 18.625 19.013Bridges 11.404 12.741 13.636 14.642 15.647 16.628 17.621Dams / Canals / Marine Work 5.069 5.766 5.298 5.294 5.309 5.365 5.417Power Infrastructure 0.311 1.480 1.206 1.217 1.266 1.312 1.353Roads 47.252 51.560 53.183 54.936 56.812 58.622 60.198Water and Sewage Treatment 25.762 28.502 28.138 29.366 30.531 31.754 33.037

CIVIL 110.872 122.844 122.315 126.572 131.179 135.740 140.146 (Yr/yr % change) 9.7% 10.8% -0.4% 3.5% 3.6% 3.5% 3.2%

Offices (private) 17.556 11.828 12.988 14.190 15.031 15.822 16.352Parking Garages 1.831 2.269 2.120 2.181 2.216 2.266 2.327Transportation Terminals 5.366 6.355 7.142 7.814 8.624 9.323 9.985

Commercial 24.753 20.452 22.250 24.185 25.872 27.411 28.665 (Yr/yr % change) -23.7% -17.4% 8.8% 8.7% 7.0% 5.9% 4.6%

Amusement 6.803 5.410 5.695 6.084 6.317 6.474 6.605Libraries / Museums 2.239 1.759 1.974 2.010 2.036 2.060 2.085Religious 1.444 1.579 1.722 1.778 1.810 1.850 1.880Sports Arenas / Convention Centers 5.952 6.048 6.013 6.226 6.416 6.525 6.653

Community 16.437 14.797 15.403 16.099 16.579 16.909 17.222 (Yr/yr % change) 25.3% -10.0% 4.1% 4.5% 3.0% 2.0% 1.8%

College / University 19.898 16.879 16.063 16.280 16.437 16.586 16.779Elementary / Pre School 16.453 17.521 18.750 20.353 20.909 21.031 21.111Jr / Sr High School 17.386 16.583 17.471 17.585 17.703 17.768 17.851Special / Vocational 1.115 1.395 1.301 1.331 1.320 1.320 1.324

Educational 54.851 52.378 53.584 55.548 56.370 56.704 57.065 (Yr/yr % change) 14.4% -4.5% 2.3% 3.7% 1.5% 0.6% 0.6%

Courthouses 0.953 1.139 1.313 1.291 1.278 1.290 1.307Fire and Police Stations 1.708 1.922 2.209 2.230 2.260 2.300 2.337

Government Offices 11.151 9.082 9.877 10.349 10.855 11.286 11.744

Prisons 1.210 2.595 2.518 2.592 2.634 2.678 2.720Government 15.022 14.738 15.916 16.462 17.026 17.555 18.107 (Yr/yr % change) 10.0% -1.9% 8.0% 3.4% 3.4% 3.1% 3.1%

Industrial Labs / Labs / School Labs 2.374 2.230 2.439 2.649 2.783 2.893 3.006Manufacturing 9.615 12.769 10.719 11.271 11.900 12.380 12.801Warehouses 7.373 10.524 10.291 10.768 11.322 11.875 12.324

Industrial 19.362 25.524 23.450 24.689 26.004 27.149 28.131 (Yr/yr % change) 37.3% 31.8% -8.1% 5.3% 5.3% 4.4% 3.6%

Hospitals / Clinics 14.081 12.151 13.544 14.729 15.595 16.401 17.142Medical Misc. 2.529 2.881 3.207 3.231 3.320 3.473 3.627Nursing Homes 4.143 5.000 5.005 5.072 5.290 5.459 5.636

Medical 20.753 20.033 21.756 23.032 24.205 25.333 26.405 (Yr/yr % change) -9.6% -3.5% 8.6% 5.9% 5.1% 4.7% 4.2%Military 10.740 5.926 6.378 6.845 7.270 7.676 8.026 (Yr/yr % change) 112.7% -44.8% 7.6% 7.3% 6.2% 5.6% 4.6%

Hotels 8.598 8.919 9.399 9.979 10.287 10.558 10.787Retail Misc. 3.947 4.559 5.081 5.382 5.351 5.472 5.592Shopping 17.666 18.946 19.560 20.430 21.303 21.740 22.277

Retail 30.212 32.423 34.039 35.791 36.941 37.769 38.655 (Yr/yr % change) 2.9% 7.3% 5.0% 5.1% 3.2% 2.2% 2.3%

NON-RESIDENTIAL BUILDING 192.129 186.270 192.776 202.652 210.267 216.506 222.275 (Yr/yr % change) 7.6% -3.0% 3.5% 5.1% 3.8% 3.0% 2.7%

Multi-Family 49.964 45.739 47.503 49.877 52.106 53.649 54.804Single-Family 155.483 172.620 199.061 221.011 239.396 255.945 273.055

RESIDENTIAL 205.447 218.359 246.564 270.888 291.502 309.594 327.859 (Yr/yr % change) 6.1% 6.3% 12.9% 9.9% 7.6% 6.2% 5.9%GRAND TOTAL 508.448 527.473 561.655 600.112 632.948 661.841 690.280 (Yr/yr % change) 7.4% 3.7% 6.5% 6.8% 5.5% 4.6% 4.3%






Table 5: U.S. States, Total Construction Starts − CMDActuals

(Level in $ Millions USD) Forecasts (Year versus previous year % change)

States (alphabetical) 2015 2016 2017 2018 2019 2020Alaska $2,216 -41.0% 4.9% 5.0% 4.1% 3.4%Alabama $6,127 14.5% 9.5% 6.1% 5.2% 4.8%Arkansas $4,200 -8.5% 9.2% 6.5% 5.5% 4.8%Arizona $10,219 24.3% 7.5% 6.8% 5.6% 4.6%California* $45,296 20.0% 7.2% 5.1% 4.0% 8.9%Colorado $11,611 -6.0% 4.7% 5.4% 4.7% 4.0%Connecticut $3,949 45.6% 6.4% 4.3% 3.1% 2.0%District Of Columbia $1,571 62.0% 17.0% 2.7% 1.6% 1.6%Delaware $1,720 19.3% 8.2% 5.9% 4.9% 4.2%Florida* $33,718 11.4% 5.0% 5.8% 4.9% 3.9%Georgia $15,600 30.6% 7.3% 5.7% 4.6% 4.0%Hawaii $2,618 -15.9% 7.0% 4.3% 3.6% 3.0%Iowa $6,527 -24.9% 5.3% 5.2% 4.7% 3.9%Idaho $3,223 -0.7% 4.4% 5.6% 5.1% 4.4%Illinois $16,422 3.3% 4.8% 4.1% 3.3% 2.7%Indiana $8,089 39.3% 5.0% 5.4% 4.8% 4.2%Kansas $5,845 -27.4% 5.1% 5.1% 4.5% 3.7%Kentucky $5,592 -3.0% 8.0% 5.9% 5.0% 4.3%Louisiana $12,635 -37.8% 10.5% 6.0% 4.9% 4.1%Massachusetts $10,451 12.5% 5.9% 4.6% 3.6% 2.3%Maryland $8,490 45.4% 7.7% 3.9% 3.3% 2.4%Maine $1,437 41.6% 8.1% 4.1% 4.0% 3.2%Michigan $11,992 -9.1% 3.4% 5.6% 4.9% 4.0%Minnesota $10,330 -0.8% 3.2% 5.0% 4.4% 3.8%Missouri $8,554 0.9% 4.8% 4.7% 4.0% 3.2%Mississippi $4,282 -10.2% 10.2% 5.4% 4.6% 4.2%Montana $1,774 -11.4% 5.6% 5.3% 4.7% 3.8%North Carolina $20,134 11.0% 8.5% 7.1% 5.7% 4.9%North Dakota $4,313 -59.8% 9.4% 6.5% 6.0% 4.9%Nebraska $3,619 -1.4% 7.3% 5.6% 4.8% 3.9%New Hampshire $1,604 41.8% 10.7% 4.9% 4.0% 2.8%New Jersey $8,402 26.1% 7.7% 4.3% 3.4% 2.7%New Mexico $2,538 14.4% 9.0% 5.5% 4.9% 4.1%Nevada $7,599 -19.0% 9.1% 5.9% 4.8% 3.5%New York* $32,024 0.2% 4.1% 4.7% 3.6% 2.5%Ohio $13,871 12.2% 5.4% 4.5% 3.7% 3.1%Oklahoma $7,084 -9.2% 9.4% 6.1% 5.3% 4.5%Oregon $6,386 16.4% 6.5% 5.6% 5.4% 4.5%Pennsylvania $15,752 25.0% 6.9% 5.0% 3.8% 3.0%Rhode Island $987 46.4% 7.6% 3.6% 2.9% 1.8%South Carolina $11,325 -7.1% 5.5% 6.3% 5.7% 5.0%South Dakota $2,502 -43.1% 10.5% 6.1% 5.2% 4.1%Tennessee $13,077 -5.0% 4.7% 5.9% 5.2% 4.3%Texas* $71,215 9.2% 9.4% 6.5% 5.5% 4.6%Utah $6,858 -3.0% 4.5% 4.4% 4.6% 3.6%Virginia $14,898 16.2% 8.0% 4.8% 4.0% 3.1%Vermont $1,115 -5.3% 8.2% 5.6% 4.6% 4.0%Washington $14,730 3.2% 6.7% 6.2% 5.3% 4.3%Wisconsin $8,346 -3.1% 3.5% 4.4% 4.0% 3.3%West Virginia $2,354 -14.9% 7.0% 4.6% 3.8% 3.5%Wyoming $2,254 -49.0% 9.1% 6.1% 5.0% 3.9%United States $527,473 6.5% 6.8% 5.5% 4.6% 4.3%

*One in three Americans lives in one of the four shaded states, New York, Florida, Texas or California. Sum of first column may not exactly equal total due to rounding.




Table 6: U.S. Four Largest States: Type-of-Structure Forecasts($ Billions USD)


New York Residential 15.208 12.754 9.777 10.108 10.755 11.261 11.552

Non-res Building 15.826 11.445 15.068 15.773 16.410 16.871 17.065

Engineering/Civil 6.336 7.824 7.248 7.517 7.807 8.092 8.498Total 37.370 32.024 32.093 33.398 34.971 36.224 37.116

(Yr vs previous yr % Change) -0.7% -14.3% 0.2% 4.1% 4.7% 3.6% 2.5%Florida Residential 14.426 17.840 19.282 20.782 22.400 23.807 24.997 Non-res Building 7.586 9.429 11.558 11.806 12.237 12.632 12.814


(Yr vs previous yr % Change) -3.5% 25.0% 11.4% 5.0% 5.8% 4.9% 3.9%Texas Residential 31.257 34.029 40.239 46.625 50.873 54.646 58.180 Non-res Building 17.360 24.857 24.126 24.718 25.467 26.136 26.319


(Yr vs previous yr % Change) 8.5% 21.0% 9.2% 9.4% 6.5% 5.5% 4.6%California Residential 16.640 16.320 18.866 20.769 22.411 23.557 26.751

Non-res Building 21.569 18.117 21.652 22.884 23.730 24.526 28.324Engineering/Civil 10.850 10.860 13.842 14.630 15.135 15.644 14.328Total 49.058 45.296 54.360 58.283 61.277 63.727 69.403

(Yr vs previous yr % Change) 11.3% -7.7% 20.0% 7.2% 5.1% 4.0% 8.9%

Source of actuals: CMD “Insight” / Forecasts: Oxford Economics and CMD. Table: CMD.

Year-over-year average hourly earnings for all private sector workers in America have been trending upwards, but ever so gently. Average hourly earnings in construction now have risen above the +2.5% benchmark for the economy overall.

@CMD_GroupLLC

Tweeted by CMD:



Source of actuals: CMD “Insight” / Forecasts: Oxford Economics and CMD / Chart: CMD.



Graph 1: U.S. Total Construction Starts – CMD

Graph 3: U.S. Total Non-Residential Building Starts – CMD

Graph 2: U.S. Total Residential Construction Starts – CMD

Source of actuals: "Insight" CMD / Forecasts: Oxford Economics and CMD. Chart: CanaData-CMD.

U.S. Grand Total Construction Starts - CMD

Name of this file: "Forecast Check (OE) U.S. Starts $s (Dec 15).xlsx

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U.S. Private Office Building Construction Starts - CMD


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Graph 7: U.S. Warehouse Construction Starts – CMD

Graph 9: U.S. Hospital and Clinic Construction Starts – CMD

Graph 8: U.S. Manufacturing Construction Starts – CMD

Graph 10: U.S. Total Educational Construction Starts – CMD


U.S. Warehouse Construction Starts - CMD


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Source of actuals: CMD “Insight” / Forecasts: Oxford Economics and CMD / Chart: CMD. Source of actuals: CMD “Insight” / Forecasts: Oxford Economics and CMD / Chart: CMD.

Graph 11: U.S. Total Heavy Engineering/Civil Construction Starts – CMD Graph 12: U.S. Roadwork Construction Starts – CMD


U.S. Total Heavy Engineering/Civil Construction Starts - CMD


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U.S. Roadwork Construction Starts - CMD


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Graph 13: U.S. Bridge Construction Starts – CMD

Graph 15: U.S. Four Largest States (by Population): Total Construction Starts – CMD

Graph 14: U.S. Water and Sewage Treatment Construction Starts – CMD

Graph 16: U.S. Four Largest States: Total Residential Construction Starts – CMD


U.S. Bridge Construction Starts - CMD


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Name of this file: "Largest States & Provinces (Jan 16).xlsx" in U.S. 2014 file/Starts Forecasts

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Graph 17: U.S. Four Largest States: Total Non-residential Building Starts – CMD

Graph 18: U.S. Four Largest States: Total Engineering/ Civil Construction Starts – CMD


U.S. Four Largest States: Total Non-residential Building Starts - CMD


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Table 7: Canada Type-of-Structure Forecasts($ Billions CAD)


Single-family 14.126 12.877 12.746 13.375 14.098 15.108 16.089

Multi-family 11.988 12.246 11.940 12.272 12.611 12.967 13.209

TOTAL RESIDENTIAL 26.114 25.123 24.685 25.647 26.708 28.075 29.298 (Yr/yr % change) 8.5% -3.8% -1.7% 3.9% 4.1% 5.1% 4.4%Hotels/Motels 0.393 1.001 1.107 1.190 1.213 1.183 1.124Private Offices 2.265 2.485 2.485 2.546 2.618 2.680 2.728Govenmental Offices 1.696 1.532 1.690 1.749 1.823 1.887 1.931Shopping/Retail 1.846 1.109 1.217 1.280 1.333 1.388 1.443Retail Miscellaneous 0.439 0.518 0.565 0.627 0.691 0.730 0.756Parking Garages 0.091 0.163 0.167 0.176 0.186 0.192 0.195Amusement 1.186 1.346 1.323 1.456 1.550 1.625 1.683Warehouses 0.732 0.862 0.936 0.991 1.033 1.066 1.098TOTAL COMMERCIAL 8.646 9.017 9.490 10.015 10.446 10.750 10.957 (Yr/yr % change) -21.4% 4.3% 5.2% 5.5% 4.3% 2.9% 1.9%TOTAL INDUSTRIAL (manufacturing) 2.087 0.764 1.220 1.485 1.651 1.830 2.010 (Yr/yr % change) 54.5% -63.4% 59.6% 21.8% 11.2% 10.8% 9.8%Religious 0.130 0.146 0.159 0.169 0.176 0.181 0.185Hospitals/Clinics 1.389 2.300 2.531 2.864 3.200 3.572 3.903MED misc 0.634 0.883 0.967 1.022 1.059 1.093 1.119Transportation Terminals* 0.399 0.711 0.822 0.932 1.009 1.066 1.104Police/Fire 1.199 0.604 0.713 0.800 0.882 0.903 0.922Educational Facilities 3.205 4.427 4.582 4.763 4.937 5.055 5.159TOTAL INSTITUTIONAL 6.957 9.071 9.774 10.549 11.264 11.871 12.391 (Yr/yr % change) 2.2% 30.4% 7.7% 7.9% 6.8% 5.4% 4.4%TOTAL NON-RES BUILDING 17.691 18.852 20.484 22.049 23.360 24.452 25.358 (Yr/yr % change) -7.6% 6.6% 8.7% 7.6% 5.9% 4.7% 3.7%Bridges 1.615 6.389 4.966 4.761 4.648 4.672 4.742Dams/Canal/Marine 0.099 0.412 0.312 0.312 0.317 0.321 0.326Water & Sewage Treatment 3.503 3.834 3.922 4.024 4.104 4.166 4.217Roads 6.458 7.824 8.284 8.716 8.991 9.139 9.257Power Infrastructure 6.534 13.500 14.045 14.570 15.137 15.522 15.843All Other Civil (Oil & Gas etc.) 39.538 9.726 9.763 13.753 17.555 21.080 25.020TOTAL ENGINEERING 57.747 41.685 41.292 46.136 50.753 54.899 59.405 (Yr/yr % change) 23.0% -27.8% -0.9% 11.7% 10.0% 8.2% 8.2%TOTAL NON-RESIDENTIAL 75.437 60.537 61.776 68.185 74.113 79.351 84.763 (Yr/yr % change) 14.1% -19.8% 2.0% 10.4% 8.7% 7.1% 6.8%GRAND TOTAL 101.551 85.660 86.461 93.832 100.822 107.426 114.061 (Yr/yr % change) 12.6% -15.6% 0.9% 8.5% 7.4% 6.6% 6.2%

* With respect to Tables 3 and 7 ‘transportation terminals’ is the one type-of-structure that is categorized differently in Canada (institutional) than in the U.S. (commercial), for reasons having to do with government statistics.





13©2016 CMD. All Rights Reserved. Sources: CMD/Oxford Economics.

Table 8: Canada Type-of-Structure ForecastsArranged to match the alphabetical category drop-down menus in INSIGHT ($ Billions CAD)


SummaryCIVIL 57.747 41.685 41.292 46.136 50.753 54.899 59.405NON-RESIDENTIAL BUILDING 17.691 18.852 20.484 22.049 23.360 24.452 25.358RESIDENTIAL 26.114 25.123 24.685 25.647 26.708 28.075 29.298GRAND TOTAL 101.551 85.660 86.461 93.832 100.822 107.426 114.061

VerticalsAll Other Civil 39.538 9.726 9.763 13.753 17.555 21.080 25.020Bridges 1.615 6.389 4.966 4.761 4.648 4.672 4.742Dams / Canals / Marine Work 0.099 0.412 0.312 0.312 0.317 0.321 0.326Power Infrastructure 6.534 13.500 14.045 14.570 15.137 15.522 15.843Roads 6.458 7.824 8.284 8.716 8.991 9.139 9.257Water and Sewage Treatment 3.503 3.834 3.922 4.024 4.104 4.166 4.217

CIVIL 57.747 41.685 41.292 46.136 50.753 54.899 59.405 (Yr/yr % change) 23.0% -27.8% -0.9% 11.7% 10.0% 8.2% 8.2%

Offices (private) 2.265 2.485 2.485 2.546 2.618 2.680 2.728Parking Garages 0.091 0.163 0.167 0.176 0.186 0.192 0.195Transportation Terminals 0.399 0.711 0.822 0.932 1.009 1.066 1.104

Commercial 2.755 3.360 3.474 3.654 3.812 3.938 4.027 (Yr/yr % change) 0.6% 22.0% 3.4% 5.2% 4.3% 3.3% 2.3%

Amusement 1.186 1.346 1.323 1.456 1.550 1.625 1.683Religious 0.130 0.146 0.159 0.169 0.176 0.181 0.185

Community 1.316 1.493 1.482 1.625 1.726 1.806 1.868 (Yr/yr % change) -53.7% 13.4% -0.7% 9.7% 6.2% 4.6% 3.4%Educational 3.205 4.427 4.582 4.763 4.937 5.055 5.159 (Yr/yr % change) -17.7% 38.1% 3.5% 3.9% 3.7% 2.4% 2.1%

Fire and Police Stations 1.199 0.604 0.713 0.800 0.882 0.903 0.922Government Offices 1.696 1.532 1.690 1.749 1.823 1.887 1.931

Government 2.895 2.136 2.403 2.549 2.705 2.790 2.852 (Yr/yr % change) 35.8% -26.2% 12.5% 6.1% 6.1% 3.1% 2.2%

Manufacturing 2.087 0.764 1.220 1.485 1.651 1.830 2.010Warehouses 0.732 0.862 0.936 0.991 1.033 1.066 1.098

Industrial 2.819 1.626 2.156 2.476 2.684 2.896 3.108 (Yr/yr % change) 42.8% -42.3% 32.6% 14.9% 8.4% 7.9% 7.3%

Hospitals / Clinics 1.389 2.300 2.531 2.864 3.200 3.572 3.903Medical Misc. 0.634 0.883 0.967 1.022 1.059 1.093 1.119

Medical 2.024 3.183 3.498 3.886 4.260 4.666 5.022 (Yr/yr % change) 11.5% 57.3% 9.9% 11.1% 9.6% 9.5% 7.6%

Hotels 0.393 1.001 1.107 1.190 1.213 1.183 1.124Retail Misc. 0.439 0.518 0.565 0.627 0.691 0.730 0.756Shopping 1.846 1.109 1.217 1.280 1.333 1.388 1.443

Retail 2.677 2.629 2.889 3.097 3.237 3.301 3.322 (Yr/yr % change) -28.8% -1.8% 9.9% 7.2% 4.5% 2.0% 0.6%

NON-RESIDENTIAL BUILDING 17.691 18.852 20.484 22.049 23.360 24.452 25.358 (Yr/yr % change) -7.6% 6.6% 8.7% 7.6% 5.9% 4.7% 3.7%

Multi-Family 11.988 12.246 11.940 12.272 12.611 12.967 13.209Single-Family 14.126 12.877 12.746 13.375 14.098 15.108 16.089

RESIDENTIAL 26.114 25.123 24.685 25.647 26.708 28.075 29.298 (Yr/yr % change) 8.5% -3.8% -1.7% 3.9% 4.1% 5.1% 4.4%GRAND TOTAL 101.551 85.660 86.461 93.832 100.822 107.426 114.061 (Yr/yr % change) 12.6% -15.6% 0.9% 8.5% 7.4% 6.6% 6.2%






Table 10: Canada Four Largest Provinces: Type-of-Structure Forecasts($ Billions CAD)


Quebec Residential 3.436 3.106 3.054 3.263 3.409 3.560 3.714

Non-res Building 3.605 3.138 3.603 3.872 4.105 4.193 4.376


(Yr vs previous yr % Change) 10.2% 15.0% 9.1% 7.3% 6.3% 4.4% 5.3%Ontario Residential 9.818 10.596 10.699 10.654 11.037 11.457 11.880 Non-res Building 5.325 5.293 8.305 8.942 9.417 9.802 10.163


(Yr vs previous yr % Change) 3.7% 19.1% 8.8% 5.3% 6.0% 4.9% 5.0%Alberta Residential 4.488 3.512 2.588 2.913 3.078 3.384 3.624 Non-res Building 2.643 4.211 2.598 2.730 2.942 3.162 3.259


(Yr vs previous yr % Change) 5.9% -44.3% -29.1% 20.0% 12.1% 12.2% 10.1%British Columbia Residential 5.630 6.023 6.383 6.695 6.951 7.324 7.607

Non-res Building 4.235 3.813 4.049 4.349 4.568 4.882 5.084Engineering/Civil 3.822 12.116 13.182 14.123 15.245 16.300 17.314Total 13.687 21.952 23.615 25.167 26.764 28.507 30.005

(Yr vs previous yr % Change) -12.2% 60.4% 7.6% 6.6% 6.3% 6.5% 5.3%


Table 9: Canadian Provinces, Total Construction Starts − CMDActuals

(Level in $ Millions CAD) Forecasts (Year versus previous year % change)

Regions/Provinces (East to West) 2015 2016 2017 2018 2019 2020

Atlantic region $2,670 15.6% 12.8% 11.7% 8.2% 8.7%Quebec $13,386 9.1% 7.3% 6.3% 4.4% 5.3%Ontario $27,259 8.8% 5.3% 6.0% 4.9% 5.0%Manitoba $2,089 10.9% 11.9% 9.1% 6.8% 6.9%Saskatchewan $2,801 -21.6% 13.7% 11.1% 7.2% 7.2%Alberta $15,504 -29.1% 20.0% 12.1% 12.2% 10.1%British Colombia $21,952 7.6% 6.6% 6.3% 6.5% 5.3%Canada $85,660 0.9% 8.5% 7.4% 6.6% 6.2%








Graph 19: Canadian Total Construction Starts – CMD

Graph 21: Canadian Non-Residential Building Starts – CMD

Graph 20: Canadian Residential Construction Starts – CMD

Graph 22: Canadian Shopping/Retail Construction Starts – CMD

Source of actuals: CMD "Insight" / Forecasts: Oxford Economics and CMD / Chart: CMD.

Canada Total Construction Starts - CMD

Name of this file: "Forecast Check (OE) Canada Starts $s (Dec 15) - Draft 2.xlsx

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Graph 23: Canadian Private Offices Construction Starts – CMD Graph 24: Canadian Warehouse Construction Starts – CMD


Canada Private Offices Construction Starts - CMD


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Graph 25: Canadian Manufacturing Construction Starts – CMD

Graph 27: Canadian Education Construction Starts – CMD

Graph 26: Canadian Hospital/Clinic Construction Starts – CMD

Graph 28: Canadian Engineering Construction Starts – CMD


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$1

$1

$1

$1

$ B

illion

s

Year

$0

$1

$2

$3

$4

$5

$6

$7

$ B

illion

s CA

D

Year

Forecast


Canada Engineering Construction Starts - CMD


$0

$0

$0

$1

$1

$1

$1

$ B

illion

s

Year

$0

$10

$20

$30

$40

$50

$60

$70

$ B

illion

s CA

D

Year

Forecast

Source of actuals: CMD “Insight” / Forecasts: Oxford Economics and CMD / Chart: CMD.Source of actuals: CMD “Insight” / Forecasts: Oxford Economics and CMD / Chart: CMD.

Graph 30: Canadian Water and Sewage Construction Starts – CMDGraph 29: Canadian Roadwork Construction Starts – CMD



Canada Water and Sewage Construction Starts - CMD

$0

$0

$0

$1

$1

$1

$1

$ B

illion

s

Year

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

$ B

illion

s CA

D

Year

Forecast



Canada Roadwork Construction Starts - CMD

$0

$0

$0

$1

$1

$1

$1

$ B

illion

s

Year

$0

$1

$2

$3

$4

$5

$6

$7

$8

$9

$10

$ B

illion

s CA

D

Year

Forecast







Graph 31: Canadian Power Infrastructure Construction Starts – CMD

Graph 33: Canada Four Largest Provinces (by Population): Total Construction Starts – CMD

Graph 32: Canadian Oil and Gas Plants, Pipelines Construction Starts – CMD

Graph 34: Canada Four Largest Provinces: Total Residential Construction Starts – CMD



Canada Power Infrastructure Construction Starts - CMD

$0

$0

$0

$1

$1

$1

$1

$ B

illion

s

Year

$0

$2

$4

$6

$8

$10

$12

$14

$16

$18

$ B

illion

s CA

D

Year

Forecast

Source of actuals: "Insights" CMD / Forecasts: Oxford Economics and CMD.Chart: CanaData - CMD.

Canada Four Largest Provinces (by Population): Total Construction Starts - CMD


$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$40.0

$ B

illion

s C

AD

Year

Ontario

AlbertaQuebec

B.C.



Canada All Other Civil Construction Starts - CMD

$0

$0

$0

$1

$1

$1

$1

$ B

illion

s

Year

$0

$5

$10

$15

$20

$25

$30

$35

$40

$45

$ B

illion

s CA

D

Year

Forecast


Canada Four Largest Provinces: Total Residential Construction Starts - CMD


$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$ B

illion

s C

AD

Year

Ontario

Alberta

Quebec

B.C.


Graph 35: Canada Four Largest Provinces: Total Non-residential Building Starts – CMD

Graph 36: Canada Four Largest Provinces: Total Engineering/ Civil Construction Starts – CMD


Canada Four Largest Provinces: Total Non-residential Building Starts - CMD


Ontario

B.C.

QuebecAlberta

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$ B

illion

s C

AD

Year

Ontario

B.C.

Quebec

Alberta


Canada Four Largest Provinces: Total Engineering/Civil Construction Starts - CMD


$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

$35.0

$ B

illion

s C

AD

Year

Ontario

B.C.

Quebec

Alberta

Contributors:Oxford Economics – Abby Samp, Senior Economist; Toby Whittington, Economist / CMD – Alex Carrick, Chief Economist; Erich Falkenberg, National Production Manager

cmd s q1 2016 january 2016 construction starts forecast...

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