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
| May 29, 2012
AIA expands Documents-On-Demand service??
Six new documents added, DOD offers nearly 100 contract documents.
| May 29, 2012
Legrand achieves over 20% energy-intensity reduction in Presidential Challenge
West Hartford headquarters announced as Better Buildings, Better Plants “Showcase” site.
| May 29, 2012
Thornton Tomasetti/Fore Solutions provides consulting for Phase I of Acadia Gateway Center
Project receives LEED Gold certification.
| May 24, 2012
2012 Reconstruction Awards Entry Form
Download a PDF of the Entry Form at the bottom of this page.
| May 24, 2012
Gilbane’s Spring 2012 economic report identifies multiple positive economic and market factors
Anticipating increasing escalation in owner costs through 2014.
| May 24, 2012
Construction backlog declines 5.4% in the first quarter of 2012?
The nation’s nonresidential construction activity will remain soft during the summer months, with flat to declining nonresidential construction spending.
| May 24, 2012
Stellar completes St. Mark’s Episcopal Church and Day School renovation and expansion
The project united the school campus and church campus including a 1,200-sf chapel expansion, a new 10,000-sf commons building, 7,400-sf of new covered walkways, and a drop-off pavilion.
| May 23, 2012
MBI Modular Construction Campus Launched on BDCUniversity.com
White Papers, Case Studies, Industry Annual Reports, published articles and more are offered.
| May 23, 2012
Gifford joins Perkins Eastman as principal
Design and planning expertise in science, technology, education, and healthcare.