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
| Oct 4, 2011
GREENBUILD 2011: Nearly seamless highly insulated glass curtain-wall system introduced
Low insulation value reflects value of entire curtain-wall system.
| Oct 4, 2011
GREENBUILD 2011: Ready-to-use wood primer unveiled
Maintains strong UV protection, clarity even with application of lighter, natural wood tones.
| Oct 4, 2011
GREENBUILD 2011: Two new recycled glass products announced
The two collections offer both larger and smaller particulates.
| Oct 4, 2011
GREENBUILD 2011: Mythic Paint launches two new paint products
A high performance paint, and a combination paint and primer now available.
| Oct 3, 2011
Magellan Development Group opens Village Market in Chicago’s Lakeshore East neighborhood
Magellan Development Group and Hanwha Engineering & Construction are joint-venture development partners on the project. The Village Market was designed for Silver LEED certification by Loewenberg Architects and built by McHugh Construction.
| Sep 30, 2011
BBS Architects & Engineers completes welcoming center at St. Charles Resurrection Cemetery
The new structure serves as the cemetery's focal architectural point and center of operations.
| Sep 29, 2011
Submit your Great Solutions
Profiles of Great Solutions will appear in December 2011 issue of Building Design+Construction.
| Sep 29, 2011
Busch Engineering, Science and Technology Residence Hall opens to Rutgers students
With a total development cost of $57 million, B.E.S.T. is the first on-campus residence hall constructed by Rutgers since 1994.
| Sep 29, 2011
Kohler supports 2011 Solar Decathlon competition teams
Modular Architecture > In a quest to create the ultimate ‘green’ house, 20 collegiate teams compete in Washington D.C. Mall.