Total Construction
Source: F.W. Dodge Local Construction Potentials
Total construction continued downward in 2007 dropping to its lowest point since 2001. However the rate of decline slowed compared to 2006. The "Construction Value by Type" chart below shows that the decline was solely caused by a continued drop in residential construction.
Source: F.W. Dodge Local Construction Potentials
Residential building construction dropped dramatically for the second straight year. Residential construction values dropped from a 2005 high of $2.86 billion to $1.62 billion in 2007. This decline placed residential construction behind non-residential building construction for the first time since 1998. Both non-residential building and non-building construction rebounded in 2007 which has helped alleviate some of the loss of jobs the construction industry faces due to the housing crisis.
