flexiblefullpage
billboard
interstitial1
catfish1
Currently Reading

Consensus Construction Forecast: Double-digit growth expected for commercial sector in 2015, 2016

Contractors

Consensus Construction Forecast: Double-digit growth expected for commercial sector in 2015, 2016

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.


By AIA | July 29, 2015
Consensus Construction Forecast: Double-digit growth expected for commercial sector in 2015, 2016

Photo: Cjp24 via Wikimedia Commons

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 11, 2012

Chapter 10 Action Plan: 18 Recommendations for Advancing Sustainability in Reconstructed Buildings

We offer the following recommendations in the hope that they will help step up the pace of high-performance building reconstruction in the U.S. and Canada. We consulted many experts for advice, but these recommendations are solely the responsibility of the editors of Building Design+Construction. We welcome your comments. Please send them to Robert Cassidy, Editorial Director: rcassidy@sgcmail.com.

| May 11, 2012

Chapter 9 The Key to Commissioning That Works? It Never Stops

Why commissioning for existing and renovated buildings needs to be continuous to be effective.

| May 11, 2012

Chapter 8 High-Performance Reconstruction and Historic Preservation: Conflict and Opportunity

What historic preservationists and energy-performance advocates can learn from each other.

| May 11, 2012

VFA to acquire Altus Group's Capital Planning division

Strategic move strengthens VFA's facilities capital planning market osition in North America.

| May 11, 2012

Betz promoted to senior vice president for McCarthy’s San Diego Office

He will oversee client relations, estimating, office operations and personnel as well as integration of the company’s scheduling, safety and contracts departments.

| May 11, 2012

CRSI appoints Brace chairman

Stevens also elected to board of directors and vice-chair.

| May 11, 2012

Dempster named to AIA College of Fellows

Altoon Partners’ technical and construction services leader honored for his contributions.

| May 11, 2012

AIA launches education and training portal

New portal to host Contract Documents training, education resources in one convenient place.

| May 10, 2012

Chapter 7 When Modern Becomes Historic: Preserving the Modernist Building Envelope

This AIA CES Discovery course explores the special reconstruction questions posed by Modern-era buildings.

| May 10, 2012

Chapter 6 Energy Codes + Reconstructed Buildings: 2012 and Beyond

Our experts analyze the next generation of energy and green building codes and how they impact reconstruction.

boombox1
boombox2
native1

More In Category


Museums

The Tampa Museum of Art will soon undergo a $110 million expansion

In Tampa, Fla., the Tampa Museum of Art will soon undergo a 77,904-sf Centennial Expansion project. The museum plans to reach its $110 million fundraising goal by late 2024 or early 2025 and then break ground. Designed by Weiss/Manfredi, and with construction manager The Beck Group, the expansion will redefine the museum’s surrounding site.



Reconstruction & Renovation

Movement to protect historic buildings raises sharp criticism

While the movement to preserve historic buildings has widespread support, it also has some sharp critics with well-funded opposition groups springing up in recent years. Some opponents are linked to the Stand Together Foundation, founded and bankrolled by the Koch family’s conservative philanthropic organization, according to a column in Governing magazine.

halfpage1

Most Popular Content

  1. 2021 Giants 400 Report
  2. Top 150 Architecture Firms for 2019
  3. 13 projects that represent the future of affordable housing
  4. Sagrada Familia completion date pushed back due to coronavirus
  5. Top 160 Architecture Firms 2021