Interface Consulting Predicts Power Projects Will Fuel Construction Industry Growth
Interface Consulting research, experience predicts increasing demand for energy and shifting fuel sources to drive investment in new power projects
Houston, TX /PRNewswire/ - As overall construction spending increases globally after a prolonged downturn,Interface Consulting International, Inc., predicts power projects will help boost US construction spending through an upward swing. Interface Consulting project consultant Gray T. Slocum's recent economic report, "Power Projects Fuel Construction Industry Growth," explores the significant factors contributing to the expected industry growth.
Slocum's report summarizes research from various sources including the US Census Bureau, the US Energy Information Administration (EIA), and Interface Consulting project data to identify the following factors that point to power projects driving economic growth:
- A rebound in the residential and commercial sectors;
- Continued population growth;
- Slowing advancements in energy efficiencies; and
- Shifts in the selection of fuel sources for power generation.
Most prominently, Slocum delves into the shifting selection of fuel sources. Natural-gas-fired plants will likely replace the largest portion of coal's lost market share. Furthermore, big oil and gas corporations will look to diversify their market share by investing in renewable energy projects while nuclear power will retain a considerable portion of its current market share through the construction of new plants.
"Natural gas, renewable energy, and nuclear projects will be some of the main driving factors to growth in the power industry," said Slocum. "These power generation projects are extremely complex and costly, and will take years to complete. Investment in these projects will keep the power industry at the forefront of US construction spending in the coming years."
Slocum also reports that Interface Consulting project data reflects a significant increase in the number of power, process, and industrial assignments awarded since 2008. Due to the growing size and complexity of these projects, owners, contractors, and attorneys are retaining Interface Consulting to assist with project management, claims management, and expert testimony in litigation or arbitration.
About Interface Consulting:
As engineers and construction consultants since 1986, Interface Consulting International, Inc. (www.interface-consulting.com), has provided a wide range of consulting and expert services to the construction- and energy-related industries in a variety of challenging settings – from the project field to the boardroom and courtroom. Interface Consulting is an authority on construction claims and construction management consulting with experience in more than 40 countries worldwide.
SOURCE: Interface Consulting International, Inc.Copyright 2013 PR Newswire. All Rights Reserved