The past two years have been amongst the worst for the construction industry with projects being delayed or cancelled altogether. However, a new international survey from KPMG indicates that two thirds of industry professionals believe that next year will see profits increase or stay the same by the middle of the year.
- The annual KPMG's annual global construction survey, compiled by interviews with 108 senior construction professionals across 30 countries, revealed that professionals the world over will see their profits increase.
Two-thirds of construction firms expect a positive 2010
International survey reveals most industry professionals believe profits will stay the same or increase by middle of next year. Almost two thirds of construction firms worldwide expect to maintain or increase profit by the middle of next year, according to a survey by KPMG.
- The finding comes in KPMG’s annual global construction survey, compiled by interviews with 108 senior construction professionals across 30 countries. Sixty-four per cent of those interviewed believed profit levels would stay the same or improve by 2010.
- However, Fiona McDermott, KPMG’s UK head of building and construction, warned that although the construction industry was reporting a relatively positive outlook, with around half of respondents reporting order books and profit at similar levels to a year ago, there may be worse in store for the industry later on.
Well given that construction follows design, as an architect I really don't see how 2010 is going to be any better than 2009. But hey, I'm but a small fish.
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Solely looking at Las Vegas, I think a lot of major constructions will change hands next year. Fountainblue looks like it will be bought up and Planet Hollywood looks bad. I also wouldn't be surprised if Boyd sells the Echelon project.
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I don't think 2010 will be that good of a year for construction because some towers from this year barely got through and the economy will get worse before it get better
An article in our paper today said that construction will finally begin next year on the Maritime Museum of the Gulf of Mexico (in our waterfront park). They have been talking about it for years and it "broke ground" early this year. Also, an extended stay hotel should be completed downtown next year and an old skyscraper will begin its total refurbishing. All in all, a pretty good year for Mobile.
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Several major projects here will begin in 2010, including a $100M waterfront development, a $100M courthouse and some other smaller office projects downtown. So it will be a good year for us.
Oh, also, our new courthouse will be finished up and we have several additions at some of our colleges. And I guess it isn't actually construction, but if all goes on schedule, we should be getting two new parks (one in the heart of downtown next to the almost complete courthouse and one on the waterfront with natural areas and a non-motorized boat launch).
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Well given that construction follows design, as an architect I really don't see how 2010 is going to be any better than 2009. But hey, I'm but a small fish.
Maybe that will change soon for you, plinko. I sure hope so:
it should be a great year for construction....but not the kind of construction this site pays attention to...it is going to be alot of government work. Repaving roads, utilities work, civic projects, rail projects, highway projects, bridge projects...things like that.
As for the building industry...it should be a very quiet year with a small amount of new buildings in cities. For architecture firms, they will probably begin to see more renovation projects and redoing of current work spaces.
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