Residential Construction Contracts Expected to Rise 4 Percent over '88

By Edsall, Christopher | THE JOURNAL RECORD, May 19, 1989 | Go to article overview

Residential Construction Contracts Expected to Rise 4 Percent over '88


Edsall, Christopher, THE JOURNAL RECORD


By Christopher Edsall Journal Record Staff Reporter Residential construction contracts are projected to rise 4 percent this year to $12.1 billion, 4 percent above the 1988 level of $11.6 billion, in the south central region which includes Oklahoma, according to the 1989 Dodge/Sweet's Construction Outlook.

The south central region also encompasses Alabama, Arkansas, Kentucky, Louisiana, Mississippi, Tennessee and Texas.

Specific projections for the metropolitan Oklahoma City area were unavailable.

The construction potentials report divides residential building into two categories - single family and multi-family houses. It projects the former to exceed its 1988 total by 4 percent, rising from $10.1 billion to $10.5 billion. The latter is expected to reach $1.6 billion, surpassing the 1988 level of $1.5 billion by 6 percent.

Non-residential building in Oklahoma's region is projected to fall 4 percent, from $11.1 billion to $10.7 billion.

This category is divided into "commercial and manufacturing" and "institutional and other." The first is projected to fall 1 percent, from $5.8 billion to $5.7 billion, the latter to drop 7 percent from $5.4 billion to $5 billion.

Non-building construction is projected to total $8.7 billion at the end of 1989. That figure is 2 percent under the 1988 mark of $8.8 billion.

Total construction in the region will total $31.5 billion in 1989, 0.18 percent below 1988's $31.58 billion.

Nationally, the report predicts a 3 percent drop in total construction contracts, from $255.2 billion in 1988 to $247.4 billion.

It projects non-residential building contracts to fall 7 percent, from $88 billion to $82 billion. …

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