Construction Market Evaluation

The McGee Company recently published some interesting data on the construction market, all of it pointing to costs coming down. I'll share some highlights:

• There has been a 61% drop in the price for scrap steel since July 2008
• The China steel price dropped more than 12% in October 2008
• China production of steel will be cut 20% in 2009
• China cement exports have dropped almost 23% since the beginning of 2008
• US Steel production dropped 1.3% in October 2008 and prices are projected to drop almost 25% this year
• Gasoline prices dropped almost 56% since August 2008