This marks a real ordsprog

This marks a real turn around for non-residential construction. I think we will see more real gains in 2005.

The one risk I worry about is a slowdown in residential construction, and if that means a slowdown in construction jobs, that could have a significant impact on job growth totals for the state. A lot of our job gains have been construction and construction-related. At one time, as much as 40 percent of job gains were related to building things.

Housing starts appear to have peaked in the second quarter of 2005. Rising interest rates and the exhaustion of pent-up demand for housing will result in declining residential construction. Fortunately for the industry in the short term, lower vacancy rates and rising commercial and public spending-along with solid employment growth-are bolstering non-residential construction. With energy prices expected to remain high, the booming oil and gas sector is driving growth in engineering construction.

Louis Thériault

With everything that is going on on the Strip and off the Strip, we thought we should go into those residential areas and light commercial areas and show them we can do that. We expect the work to continue for another ten years. The real construction boom really hasn't started yet. Around March or April is when the real big boom is supposed to start with so many jobs kicking off.

Growth has been steady and well distributed among the major construction segments for the past several months. For the first 11 months of 2005, total construction was nine percent higher than in same months of 2004. Private residential construction grew 11 percent, public construction, eight percent, and private nonresidential, five percent.

As was the case for most of the year, growth was well distributed among the major construction segments. Comparing December 2005 to December 2004, public construction grew 10%, private residential construction rose 9.0%, and private nonresidential was up 6.0%. For the year, those categories increased 8.0%, 11%, and 5.0%, respectively.

I just wanted to repeat that I came into this project from a real estate perspective. I final platted - just in the year 2005 - 144 residential lots in three different areas.

Paul Eisenschenk

Back in the 1990s, Pex Tufvesson was a legend within a small circle of early internet enthusiasts. John's long tenure with our Construction and Real Estate business unit will enable that team to build on its continuing leadership as one of the premier software technology providers serving the construction and real estate industries.

We're in a happy situation in this country in that non-residential property or commercial construction is set to take over from residential property construction as the main driver of fixed investment in buildings.

Asset quality has been real strong. Residential real estate activity has been brisk, especially in the Bozeman and Billings markets.

We, of course, had a great run in the residential construction markets (in 2005). Some economists are expecting a slowdown in 2006 due to higher interest rates, and we'll just have to see how that plays out.

We're going to see a lot of the money that has been parked in real estate move back to stocks. Wealth should not be centered in your residential real estate, which is going to return to more stable to flat appreciation.

That information will dovetail with the Real ID Act of 2005. Real ID cards are the other shoe that is scheduled to drop in three years.

Real estate was one of the few markets where we saw any real significant appreciation for 2005. That would have acted as an edge against declining stock market.

BC is a very diversified economy, with strength in the high-tech industries, expanding natural gas and base metal sectors and booming non-residential construction. However, slowing exports in the province's key forest products sector will likely hold back gains in employment and vehicle sales in 2006.

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