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
Wood | Nov 1, 2022
A European manufacturer says its engineered wood products can store carbon for decades
Metsä Wood, a Finland-based manufacturer of engineered wood products, says its sustainable, material-efficient products can store carbon for decades, helping to combat climate change.
Data Centers | Oct 31, 2022
Data center construction facing record-breaking inflation, delays
Data center construction projects face record-breaking inflation amid delays to materials deliveries and competition for skilled labor, according to research from global professional services company Turner & Townsend.
School Construction | Oct 31, 2022
Claremont McKenna College science center will foster integrated disciplinary research
The design of the Robert Day Sciences Center at Claremont McKenna College will support “a powerful, multi-disciplinary, computational approach to the grand socio-scientific challenges and opportunities of our time—gene, brain, and climate,” says Hiram E. Chodosh, college president.
Energy Efficient Roofing | Oct 28, 2022
Rooftop mini turbines can pair with solar panels
A new type of wind turbine can pair well on roofs with solar panels, offering a double source of green energy generation for buildings.
Building Team | Oct 27, 2022
Who are you? Four archetypes shaping workspaces
The new lifestyle of work requires new thinking about the locations where people work, what their workflow looks like, and how they are performing their best work.
Codes and Standards | Oct 27, 2022
Florida’s Surfside-inspired safety law puts pressure on condo associations
A Florida law intended to prevent tragedies like the Surfside condominium collapse will place a huge financial burden on condo associations and strain architecture and engineering resources in the state.
University Buildings | Oct 27, 2022
The Collaboratory Building will expand the University of Florida’s School of Design, Construction, and Planning
Design firm Brooks + Scarpa recently broke ground on a new addition to the University of Florida’s School of Design, Construction, and Planning (DCP).
Building Team | Oct 26, 2022
The U.S. hotel construction pipeline shows positive growth year-over-year at Q3 2022 close
According to the third quarter Construction Pipeline Trend Report for the United States from Lodging Econometrics (LE), the U.S. construction pipeline stands at 5,317 projects/629,489 rooms, up 10% by projects and 6% rooms Year-Over-Year (YOY).
Data Centers | Oct 25, 2022
Virginia county moves to restrict the growth of new server farms
Loudoun County, Va., home to the largest data center cluster in the world known as Data Center Alley, recently took steps to prohibit the growth of new server farms in certain parts of the county.
Museums | Oct 25, 2022
Seattle Aquarium’s new Ocean Pavilion emphasizes human connection to oceans
Seattle Aquarium’s new Ocean Pavilion, currently under construction, features several exhibits that examine the human connection with the Earth’s oceans.