Construction Sector Anticipates Another Strong Year in 1999.

MURRAY HILL, N.J.--(BUSINESS WIRE)--

Sound economic conditions and low interest rates raise

expectations for growth, despite weak markets at present

Supported by robust growth in the new home construction market, expectations for growth in the construction sector were strong in January, according to The Dun & Bradstreet Corporation's monthly survey of construction executives. The executives are optimistic about future growth, particularly for order books and employment levels, which are expected to surge through April. Expectation levels have risen rapidly over the past three months, although they are somewhat lower than a year ago.

"The sustained economic expansion, with low inflation and low interest rates, makes 1999 look like another good year for construction," said David T. Kresge, chief economist for Dun & Bradstreet. "U.S. executives are optimistic about orders and expect to be hiring more workers in the coming months."

Order Books and Employment Levels Expected to Surge through April

The January 1999 construction industry survey suggests that market conditions through April will be highly favorable for the construction sector, with optimism for order books surging. The Order Books Index jumped 33 points, from 16 to 49, to levels not seen since the May 1998. Likewise, the Employment Index reflected significantly increased optimism for the coming three months, with a 17-point gain, from 15 to 32. The Prices Index, however, moved ahead at a slower pace, adding two points, to 20.

Current Conditions Are Weak, Particularly for Employment

Despite rising optimism for the coming months, the D&B January construction survey indicates that current conditions are weak. The Order Books Index fell eight points, to 1. And both the Employment and Prices Indexes sank six points. All three indexes are below year-ago levels. The Employment Index of minus 10 indicates that significantly more construction firms have cut workers than are hiring.

The Dun & Bradstreet Corporation

The Dun & Bradstreet Corporation consists of the Dun & Bradstreet operating company (D&B), the leading provider of business-to-business credit, marketing and purchasing information, and receivables management services and Moody's Investors Service, the leading debt rating agency and a major publisher of financial information for investors. The corporation, headquartered in Murray Hill, N.J., does business in 41 countries and employs approximately 12,500 people worldwide. Its reported 1998 revenue from continuing operations was $1.93 billion. Additional information about The Dun & Bradstreet Corporation is available through its Web site, www.dnbcorp.com. -0-

THE DUN & BRADSTREET CONSTRUCTION SURVEY

                                 1998        1998      1998       1999
                                 Jan.        Nov.      Dec.       Jan.
Three-Month Expectation Indexes

Order Books                        60           0        16         49
Employment                         40           7        15         32
Prices                             23          20        18         20

Current Conditions Indexes

Order Books                         6          24         9          1
Employment                          1           3        -4        -10
Prices                             24          28        24         18

The indexes are calculated by subtracting the percentage of respondents expecting a decrease in new orders, employment and prices from the percentage expecting an increase.

Source: Economic Analysis Department

The Dun & Bradstreet Corporation