FWLT (MM)

www.streetinvesting.com - It is a fact carved in concrete that the construction industry has been one of the worst hit during the recession and is amongst the sluggish industries to start recovering. The engineering and construction stocks index, which groups many key companies involved in big construction projects like infrastructure, power plants and oil refineries, is still in the red with a decline of 9.6% for the month, but it traded higher at the close yesterday with a slight increase of 0.9%. The truth remains that construction of shopping centers, office space, hotels and residential buildings is taking longer to build momentum as they fall largely in the residential and commercial construction space which is mainly contracted to private companies and these companies are still battling the odds with low demand for such constructions. Conversely, construction of infrastructure and other public sector heavy constructions which have received financial coverage from the government through the stimulus package have been showing some steady growth in the first few months of 2010, and industry experts believe that this growth will continue to forge ahead.

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Some heavy construction companies, like Foster Wheeler AG (NASDAQ: FWLT), which have specialized in the oil and gas infrastructure are also seeing some improvement in demand. Foster Wheeler has recently announced it has been awarded two separate contracts in the month of June. The first is to design and manage the construction of the first phase of the Limbe oil refinery in Cameroon. And the second one is a feasibility study and front-end engineering design contract by the Iraqi Ministry of Oil for the new Nassiriya grassroots refinery in Southern Iraq. Both those contracts will fall in the company's second quarter 2010 booking. The company also has a decent new orders booking for the first quarter 2010. Fluor Corp. (NYSE: FLR) is also looking forward to making 2010 a profitable year with new projects awards for the first quarter 2010 topping $3.4 billion and backlog registered at $25.7 billion. Additionally, Fluor announced yesterday a 50/50 joint venture with AMEC Americas Ltd. on a contract to perform engineering, procurement and construction management services for Terrane's Mt. Milligan copper-gold project.

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"We are seeing a surge in engineering and construction contracts in different segments of this industry and we believe that the second part of 2010 will see this trend heading north," commented James Stall of www.streetinvesting.com. Sign up today at http://www.streetinvesting.com/index.php?id=2 to access the full report on this industry.

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