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.
The greatest amount of activity was seen in the building of commercial properties—most notably offices and hotels—with an unusually high spike in manufacturing construction spending triggered by the surge in domestic oil and natural gas production.
The American Institute of Architects’ (AIA) semi-annual Consensus Construction Forecast, a survey of the nation’s leading construction forecasters, is projecting that spending will see a nearly nine percent increase in 2015, with next year’s projection being 8.2%.
“Buoyed mostly by the red-hot commercial sector, spending on nonresidential buildings should be close to $360 billion this year, approaching $390 billion in 2016,” said AIA Chief Economist, Kermit Baker, PhD, Hon. AIA. “But 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.”
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, Moody’s 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 panelist’s projections, click here.
Related Stories
| Dec 6, 2014
Future workplace designs shouldn’t need to favor one generation over another, says CBRE report
A new CBRE survey finds that what Millennials expect and need from offices doesn’t vary drastically from tenured employees.
| Dec 5, 2014
Plotting on the go: 3D-printed mechanical compass can print CAD drawings with high precision
Design student Ken Nakagaki has adapted a device to work with CAD software to replicate digital files on paper.
Sponsored | | Dec 5, 2014
New construction outlook report projects growth in 2015
A new 2015 construction outlook report predicts that total U.S. construction starts for 2015 will rise 9% to $612 billion. SPONSORED CONTENT
Sponsored | | Dec 5, 2014
Best practices for force transfer around openings
As wood-frame construction is continuously evolving, designers in many parts of the U.S. are optimizing design solutions that require the understanding of force transfer between elements in the lateral load-resisting system.
| Dec 4, 2014
World’s largest eco-resort to open soon in Indonesia
Just under 10 miles away from Singapore, Funtasy Island (yes, that's the real name) is a resort tucked away in the mangrove islands of the Riau archipelago.
Sponsored | | Dec 3, 2014
Modular Space Showcase: Bringing work-life balance to energy workers in the Bakken region
To meet the demands of the booming energy business, Williston needs to provide homes, recreation centers, restaurants, hotels, and other support facilities for the tidal wave of energy workers relocating to the Bakken Shale area. SPONSORED CONTENT
| Dec 2, 2014
First existing multifamily buildings to earn Energy Star certification unveiled
River City in Chicago is one of 17 existing multifamily properties to earn Energy Star certification, which became available to this sector on Sept. 16 via a scoring system for multifamily properties that Energy Star and Fannie Mae had been developing for three years.
| Dec 2, 2014
Nashville planning retail district made from 21 shipping containers
OneC1TY, a healthcare- and technology-focused community under construction on 18.7 acres near Nashville, Tenn., will include a mini retail district made from 21 shipping containers, the first time in this market containers have been repurposed for such use.
| Dec 2, 2014
Nonresidential construction spending rebounds in October
This month's increase in nonresidential construction spending is far more consistent with the anecdotal information floating around the industry, says ABC's Chief Economist Anirban Basu.
