Table of Contents
Executive Summary
5
Key Features Of This Report6
SWOT Analysis7
United States Real Estate/ Construction SWOT 7
United States Political SWOT 8
United States Economic SWOT 8
United States Business Environment SWOT 9
New and Ongoing Projects10
Construction Overview 10
Residential Construction 10
Commercial Construction 11
Industrial Construction 12
Tourism Construction 12
Major Projects 13
Table: US -Residential Construction 13
Table: US - Industrial Construction 14
Table: US - Commercial Construction 15
Table: US - Resort & Tourism Construction 15
Real Estate Investment Trusts, Q20916
Introduction 16
Table: Global REITs At A Glance, Mid-2008 17
A Note On Unlisted Real Estate Funds 19
Table: European Unlisted Funds At A Glance, 2008 19
2008: A Disastrous Year For REITs 19
Table: Investment Total Returns (%, in EUR terms) 20
Table: Gross Total Returns, 2008 (%, in EUR terms) 20
Table: Gross Total Returns, 2008 (%, in EUR terms) 21
Table: Gross Total Returns, 2008 (%, in EUR terms) 21
Table: Substantial Property Sales, 2008 (US$bn) 22
Table: Capitalisation Rates And Spreads Versus Risk-Free Rates 24
Pointers For 2009-2010 24
Industry Finance Outlook26
International Financing 26
Table: Interbank Rates and Bond Yields 28
Table: Comparison Of Total Assets, Client Loans And Client Deposits, 2006 And 2007 (US$bn) 28
Domestic Financing 28
Table: Key Banking Levels (US$bn) 29
Monetary Policy 29
Industry Forecast Scenario 32
Table: Housing prices at a glance - Americas 32
Table: Office Rents - North America - CBRE 34
Office Rents - North America - Various Sources 36
Table: Construction Industry Overview 38
Construction 39
Macroeconomic Forecast 40
Table: United States - Economic Activity, 2006-2013 43
Real Estate/Construction Business Environment Rating 44
Table: Americas Real Estate/Construction Business Environment Ratings 44
US' s RECBER 45
Project Finance Ratings 46
Table: Americas Design And Construction Rating 48
Table: Americas Commissioning And Operating Rating 49
Table: Americas Overall Project Finance Rating 50
Company Monitor52
Bechtel 52
KBR 53
Fluor Corporation 55
Turner Construction Company 56
Centex Homes 58
BMI Forecast Modelling59
How We Generate Our Industry Forecasts 59
Construction Industry 59
Bank Lending 60
Real Estate/Construction Business Environment Rating 60
Table: Weighting Of Indicators 61
Project Finance Ratings Indicators 64
Table: Design And Construction Phase 64
Table: Commissioning And Operating Phase - Commercial Construction 65
Table: Commissioning And Operating Phase - Energy And Utilities 66
Table: Commissioning And Operating Phase - Transport 67
Sources 68
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