Murray noted that while several project types, including multifamily and hotel, have seen pullbacks in construction starts this year, “the current year has seen continued growth by single-family housing, office buildings and warehouses. In addition, the institutional segment of nonresidential building has been quite strong, led especially by transportation terminal projects in combination with gains for schools and healthcare facilities.”

As for public works, Murray said, “the specifics of a $1-trillion infrastructure program by the Trump Administration have yet to materialize.” Accordingly, activity in the sector remains on “basically the plateau for construction starts reached a couple of years ago.”

In the coming year, we're likely to see some construction project types register gains “while other project types settle back,” Murray continued, adding that a number of positive factors support the contention that “the construction expansion has further room to proceed.”

Among these are continued moderate job growth and a gradual pace of any increases in long-term interest rates. And although market fundamentals for commercial real estate “won't be quite as strong as this year,” funding support for construction will continue to come from state and local bond measures.

Separately, the Associated General Contractors of America said Friday that employers in the construction industry added 11,000 jobs in October. The 6.93 million positions in the sector represented the industry's highest employment level since 2008. “While some of the job gain may reflect hurricane recovery work in Texas and Florida, recent spending and regional employment data show the job growth spans both residential and nonresidential projects, and is occurring in most states,” says AGC chief economist Ken Simonson.