Tuesday, October 10, 2006
Contractors in the west upbeat about 2007
Construction company executives in Colorado and seven other western states are bullish about the region's economy, according to a survey released by CIT Construction, a division of CIT Group, a New York-based commercial and consumer finance company. CIT Construction's 31st annual industry forecast found 41 percent of distributors and 39 percent of contractors in the west predict a better overall business picture in 2007 than they did in 2006. Seventy-one percent of contractors in the region said they expect more bidding opportunities in 2007, 32 percent of distributors predict more non-residential construction and 21 percent see more residential building in the year ahead. The survey included responses from construction industry leaders in Arizona, Colorado, Idaho, Montana, Nevada, New Mexico, Utah and Wyoming. “The Mountain region is fast-growing, fueling an optimistic outlook for the coming year by regional construction industry executives," said Kay Russell, senior vice president of CIT Construction. "According to almost half of all contractors in the region, the population growth is the primary driver of the construction boom.” More than 900 contractors and equipment distributors were surveyed via telephone interviews across the country for the survey. To obtain a copy, call (201) 460-2845.