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
| Jul 3, 2012
Trimble to acquire WinEstimator
Acquisition adds estimating software solutions to Meridian Systems’ portfolio.
| Jul 3, 2012
Summit Design+Build completes Emmi Solutions HQ
The new headquarters totals 20,455 sq. ft. and features a loft-style space with exposed masonry and mechanical systems, 17-ft clear ceilings, two large rooftop skylights, and private offices with full glass partition walls.
| Jul 3, 2012
TOLK now called Dewberry
The renaming indicates a simplification in Dewberry’s corporate naming conventions.
| Jul 2, 2012
Bernards building mixed-use project in Beverly Hills
The project includes 88 luxury apartment homes atop a 14,000-sf Trader Joe’s market and a new coffee shop.
| Jul 2, 2012
San Francisco lays claim to the greenest building in North America
The 13-floor building can hold around 900 people, but consumes 60% less water and 32% less energy than most buildings of its kind.
| Jul 2, 2012
Plumosa School of the Arts earns LEED Gold
Education project dedicated to teaching sustainability in the classroom.
| Jun 29, 2012
SOM writes a new chapter at Cincinnati’s The Christ Hospital
The 332,000–sf design draws on the predominantly red brick character of The Christ Hospital’s existing buildings, interpreting it in a fresh and contemporary manner that fits well within the historic Mt. Auburn neighborhood while reflecting the institution’s dedication to experience, efficiency, flexibility, innovation and brand.
| Jun 29, 2012
Benjamin Moore Paints announces new CEO
Robert S. Merritt comes to Benjamin Moore with over three decades of management experience in the restaurant and food preparation and distribution industries
| Jun 29, 2012
Guardian launches industry’s first glass visualizer for interior design
Online tool allows designers to explore the possibilities of glass.
| Jun 28, 2012
Federal applications of renewable energy
U.S. Army Fort Knox: Using the Earth for space heating and cooling. The U.S. Department of Energy’s (DOE) Federal Energy Management Program (FEMP) facilitates the Federal Government’s implementation of sound, cost-effective energy management and investment practices to enhance the nation’s energy security and environmental stewardship.
