Construction is Colorado’s sixth largest industry, according to a McGraw-Hill Construction report, and 2013 is predicted to be a strong year for the industry.
Colorado is in the top third of states recovering from the economic downturn and the state’s construction industry has added 12,000 jobs since 2010, according to the Associated General Contractors in Colorado.
The future is also looking more promising for the construction industry as the state has stored $100 million in infrastructure funding for capital projects, including water and sewer improvements.
Report editor Cliff Brewis said McGraw-Hill predicts overall economic growth and gross domestic product to rise 2.7 percent in 2013.
“Probably the most significant activity that gives us confidence is we are seeing housing doing well which drives recovery,” he said.
The organization also said it expects increased funding for building maintenance projects at state properties.
“The McGraw-Hill Construction Outlook 2013 projections outlined at our year-end event appear to point to a brighter future for the Colorado construction industry,” AGC Colorado President Michael Gifford said in a statement. “And the funding that AGC Colorado and our allies have been able to help restore to the states infrastructure budget means more work for our local contractors.”