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
| Apr 20, 2012
McCarthy completes Santa Barbara Cottage Hospital Replacement Facility
The new hospital’s architectural design combines traditional Santa Barbara Spanish colonial architecture with 21st century medical conveniences highlighted by a therapeutic and sustainable atmosphere.
| Apr 20, 2012
Century-old courthouse renovated for Delaware law firm offices
To account for future expansion, Francis Cauffman developed a plan to accommodate the addition of an 8-story tower to the building.
| Apr 20, 2012
RCMA and Oak Ridge National Laboratory to host International Roof Coatings Conference
The International Roof Coatings Conference will feature keynote speakers Marc LaFrance of the U.S. Department of Energy, and Art Rosenfeld of the Lawrence Berkeley National Laboratory.
| Apr 20, 2012
Shawmut completes Yard House Restaurant in Boston
12,000-sf restaurant marks new addition to Boston’s Fenway neighborhood.
| Apr 20, 2012
Registration open for Solar Power International 2012 in Orlando
President Bill Clinton to deliver keynote address at ?largest solar energy event in the Americas.
| Apr 19, 2012
The 10 mistakes most likely to get you sued
The California Chamber of Commerce has produced a white paper cataloging the top 10 mistakes most likely to get a company sued. While a few of the laws cited apply specifically to California, some of them are federal and may apply in your state.
| Apr 19, 2012
Holcim cement plants recognized at PCA Spring Meeting
The Holly Hill plant received the PCA’s Chairman’s Safety Performance Award in recognition of their exceptional health and safety programs. The Theodore plant received the Environmental Performance Award in recognition of the steps they take beyond those required by laws, regulations and permits to minimize their impact on the environment.
| Apr 19, 2012
KTGY Group’s Arista Uptown Apartments in Broomfield, Colo. completed
First of eight buildings highlights unique amenities.
| Apr 19, 2012
Nauset begins work on $20M Joint Forces HQ at Hanscom AFB
3D imaging key to project timetable and cost containment.
| Apr 19, 2012
HBD Construction names Steven Meeks vice president
Meeks will provide expertise for the company in its many diverse areas of construction projects including health care, senior living, education and retail.
