Despite the adverse weather conditions that curtailed design and construction activity in the first quarter of the year, the overall construction market has performed extremely well to date.Â
The greatest amount of activity was seen in the building of commercial propertiesâmost notably offices and hotelsâwith an unusually high spike in manufacturing construction spending triggered by the surge in domestic oil and natural gas production.Â
The American Institute of Architectsâ (AIA) semi-annual Consensus Construction Forecast, a survey of the nationâs leading construction forecasters, is projecting that spending will see a nearly nine percent increase in 2015, with next yearâs projection being 8.2%.
âBuoyed mostly by the red-hot commercial sector, spending on nonresidential buildings should be close to $360 billion this year, approaching $390 billion in 2016,â said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. âBut the demographic factors that are also fueling heavy demand for healthcare and education facilities are going to lead to a more balanced construction market in the foreseeable future.â
Â
Â
The AIA Consensus Construction Forecast Panel is conducted twice a year with the leading nonresidential construction forecasters in the United States including, Dodge Data & Analytics, Wells Fargo Securities, IHS-Global Insight, Moodyâs economy.com, CMD Group, Associated Builders & Contractors and FMI. The purpose of the Consensus Construction Forecast Panel is to project business conditions in the construction industry over the coming 12 to 18 months.
To see each of the panelistâs projections, click here.
Related Stories
| Jun 11, 2018
Accelerate Live! talk: âAEC can has Blockchains?â
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), HOKâs Greg Schleusner explores how the AEC industry could adapt the best ideas from other industries (banking, manufacturing, tech) to modernize inefficient design and construction processes.
| Jun 11, 2018
Accelerate Live! talk: How advanced digital fabrication techniques are driving design innovation
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), SOMâs Lucas Tryggestad and Kyle Vansice present the firmâs 3D-printed building project and explore how digital fabrication is pushing design innovation.
| Jun 11, 2018
Accelerate Live! talk: AEC data hunter - How a Fortune 500 data guru is transforming a construction giant
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), data expert Catherine Rose shares how data-driven decision making is transforming construction operations and business operations at Skanska USA.
Libraries | Jun 1, 2018
New library offers a one-stop shop for what society is craving: hands-on learning
Beyond lending books and DVDs, the Elkridge (Md.) branch library loans household tools like ladders, wheelbarrows, and sewing machines.
| May 30, 2018
Accelerate Live! talk: Seven technologies that restore glory to the master builder
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), AEC technophile Rohit Arora outlines emerging innovations that are poised to transform how we design and build structures in the near future.
| May 30, 2018
Accelerate Live! talk: Why the AEC industry must adapt to the Internet of Things boom
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), building systems expert Jeff Carpenter explores established and emerging IoT applications for commercial and institutional buildings, and offers a technology roadmap for navigating the IoT landscape.
| May 30, 2018
Accelerate Live! talk: T3 mass timber office buildings
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), architect and mass timber design expert Steve Cavanaugh tells the story behind the nationâs newestâand largestâmass timber building: T3 in Minneapolis.
| May 30, 2018
Accelerate Live! talk: An AEC giantâs roadmap for integrating design, manufacturing, and construction
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), Skender CEO Mark Skender and Chief Design Officer Tim Swanson present the construction giantâs vision for creating a manufacturing-minded, vertically-integrated design-manufacturing-build business model.
| May 30, 2018
Accelerate Live! talk: From micro schools to tiny houses: Whatâs driving the downsizing economy?
In this 15-minute talk at BD+Câs Accelerate Live! conference (May 10, 2018, Chicago), micro-buildings design expert Aeron Hodges, AIA, explores the key drivers of the micro-buildings movement, and how the trend is spreading into a wide variety of building typologies.
Market Data | May 29, 2018
Americaâs fastest-growing cities: San Antonio, Phoenix lead population growth
San Antonio added 24,208 people between July 2016 and July 2017, according to U.S. Census Bureau data.