FMI forecast shows 2012 construction up 5 percent from 2011

Construction for total construction put in place in 2012 is forecasted to be 5 percent higher than 2011, according to the first quarter 2012 Construction Outlook report from FMI Corp. FMI projections show residential construction up 8 percent in 2012, and nonresidential construction up 4 percent. "One of the keys for growth [for nonresidential construction] will be the return of private investment in construction. Additionally, federal, state and local government construction have been dialed back until budgets are in better repair and tax revenues return to levels that are more normal. Research indicates that there are signs this is starting to happen," according to the report.