Fitch predicts amped-up construction spending

Fitch Ratings has released a report titled "2014 Outlook: U.S. Building and Home Products and Services" that prophesies a healthy increase in construction spending next year, and in turn, a buoyed-up building materials industry.

Additionally, Fitch projects a stable outlook for the U.S. building materials industry, which is strengthened by the increased construction activity. 

Construction spending is predicted to increase 9% to 10% and is mostly owed to new residential construction. Fitch also expects revenue growth of 6% to 7% for building materials companies next year.

"Home remodeling spending stands to grow modestly next year as housing turnover improves," said Fitch director Robert Rulla. "The same holds true for commercial construction spending, while public construction spending should increase only slightly."

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