The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast indicates a growth of 8% in construction spending in 2016.
Even better, 2017 could be nearly as strong. AIA is predicting a 6.7% increase next year, as demand for offices, hotels, industrial centers, and amusement and recreational facilities remains high.
“While rising interest rates could pose a challenge to the U.S. economy, lower energy prices, improved employment figures, and an enacted federal budget for 2016 are all factoring into a very favorable outlook for the construction industry,” AIA Chief Economist, Kermit Baker, PhD, Hon. AIA, said in a statement. “And after several years of challenging economic circumstances the institutional project sector is finally on very solid footing.”
Going even further than 2017, AIA found some of the top nonresidential design trends for the next 10 years. Technologies like BIM software, motion-sensing lighting, new glass and glazing products, and solar and wind generation are all expected to become more sophisticated over time.
Related Stories
Market Data | Apr 14, 2020
6 must reads for the AEC industry today: April 14, 2020
A robot dog conducts site inspections and going to the library with little kids just got easier.
Market Data | Apr 13, 2020
6 must reads for the AEC industry today: April 13, 2020
How prefab can enable the AEC industry to quickly create new hospital beds and Abu Dhabi launches a design competition focused on reducing urban heat island effect.
Market Data | Apr 10, 2020
5 must reads for the AEC industry today: April 10, 2020
Designing for the next generation of student life and a mass timber Ramada Hotel rises in British Columbia.
Market Data | Apr 9, 2020
7 must reads for the AEC industry today: April 9, 2020
Urine could be the key to building in outer space and how to turn a high school into a patient care center in just over two weeks.
Market Data | Apr 8, 2020
6 must reads for the AEC industry today: April 8, 2020
Stantec discusses how hospitals can adapt buildings to address worst-case scenarios and FXCollaborative Architects tells us why cities will survive the pandemic.
Market Data | Apr 7, 2020
7 must reads for the AEC industry today: April 7, 2020
Leo A Daly's Hotel2Hospital prototype takes shape, while the number of delayed projects reaches 2,550 in the U.S. amid coronavirus pandemic.
Market Data | Apr 3, 2020
COVID-19 cuts nonresidential construction employment in March
The construction unemployment rate was 6.9% in March, up 1.7 percentage points from the same time one year ago.
Market Data | Apr 1, 2020
February’s construction spending decline indicates what’s to come
Private nonresidential spending declined 2% on a monthly basis and is down 0.7% compared to February 2019.
Market Data | Mar 26, 2020
Architects taking action to support COVID-19 response
New AIA task force will offer insights for adapting buildings into healthcare facilities.