Robert Murray, analyst for McGraw-Hill Construction, presented his annual assessment of U.S. economic trends. Although residential work, especially single-family housing, is down sharply, nonresidential construction is still strong. He said there is "no collapse, by any means" in the foreseeable future. He noted that the construction industry as a whole has been remarkably stable over the last 10 to 15 years.

Murray expects a modest decrease of one percent for total construction in 2007, as strength in public works and in manufacturing and institutional buildings counteract an expected weakness in single-family housing, income properties, and electric utilities.

Steadying material prices, still supportive but climbing lending rates, and major governmental rebuilding projects are expected to provide a "soft landing" in construction while contributing to a two-percent growth in the overall U.S. economy in 2007.

Gulf Coast Rebuilding

With over $110 billion appropriated by Congress to aid the Gulf region devastated by Hurricane Katrina, the conference reflected great interest in rebuilding and current recovery efforts. One seminar, "Heritage at risk — New Orleans and the Gulf Coast," was a fascinating account of how the disaster happened.

Presenter Michael Desmond of Louisiana State University showed how the Mississippi River channel is constantly trying to move and, ironically, how the flood-dropped sediment builds natural levees. The natural levees did not fail in 2005 — only the manmade ones did.   >>>