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Heavy construction slips in 2001

March 1, 2002


Rob Grunewald Regional Economic Analyst
Heavy construction slips in 2001

The heavy construction industry followed the slow-moving economy in 2001, as the value of contracts for such projects dropped to $5.9 billion in Minnesota and the Dakotas, a decrease of 5 percent from 2000.

The decline in overall construction was led by a 16 percent drop in contracts for private buildings in 2001 compared with a year earlier. Softness in the private sector was partially offset by a 12 percent gain in public building contracts. However, spending on roads and bridges decreased 13 percent after forecasters had predicted growth for 2001, according to the Construction Bulletin.

Chart: Value of Construction Contracts Awarded in Minnesota, North Dakota, and South Dakota

Source: Construction Bulletin