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
Industry Research | May 24, 2017
These buildings paid the highest property taxes in 2016
Office buildings dominate the list, but a residential community climbed as high as number two on the list.
Market Data | May 16, 2017
Construction firms add 5,000 jobs in April
Unemployment down to 4.4%; Specialty trade jobs dip slightly.
Multifamily Housing | May 10, 2017
May 2017 National Apartment Report
Median one-bedroom rent rose to $1,012 in April, the highest it has been since January.
Senior Living Design | May 9, 2017
Designing for a future of limited mobility
There is an accessibility challenge facing the U.S. An estimated 1 in 5 people will be aged 65 or older by 2040.
Industry Research | May 4, 2017
How your AEC firm can go from the shortlist to winning new business
Here are four key lessons to help you close more business.
Engineers | May 3, 2017
At first buoyed by Trump election, U.S. engineers now less optimistic about markets, new survey shows
The first quarter 2017 (Q1/17) of ACEC’s Engineering Business Index (EBI) dipped slightly (0.5 points) to 66.0.
Market Data | May 2, 2017
Nonresidential Spending loses steam after strong start to year
Spending in the segment totaled $708.6 billion on a seasonally adjusted, annualized basis.
Market Data | May 1, 2017
Nonresidential Fixed Investment surges despite sluggish economic in first quarter
Real gross domestic product (GDP) expanded 0.7 percent on a seasonally adjusted annualized rate during the first three months of the year.
Industry Research | Apr 28, 2017
A/E Industry lacks planning, but still spending large on hiring
The average 200-person A/E Firm is spending $200,000 on hiring, and not budgeting at all.
Market Data | Apr 19, 2017
Architecture Billings Index continues to strengthen
Balanced growth results in billings gains in all regions.